SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                              -------------------


                                    FORM 8-K



                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                     the Securities and Exchange Act of 1934

       Date of Report: (Date of earliest event reported): January 30, 2003


                         TEXAS BIOTECHNOLOGY CORPORATION
             (Exact name of registrant as specified in its charter)


                                                        
                  DELAWARE                        0-20117                             13-3532643
          (State of Incorporation)        (Commission File Number)        (IRS Employer Identification No.)
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                             7000 FANNIN, 20TH FLOOR
                              HOUSTON, TEXAS 77030
              (Address of Registrant's principal executive offices)

                                 (713) 796-8822
              (Registrant's telephone number, including area code)




                                (NOT APPLICABLE)
          (Former name or former address, if changed since last report)



ITEM 5.  OTHER EVENTS

THE FOLLOWING STATEMENT WAS RELEASED TO THE PRESS ON JANUARY 30, 2003 REGARDING
THE REACQUISITION OF FULL DEVELOPMENT AND MARKETING RIGHTS TO SITAXSENTAN.


              TEXAS BIOTECHNOLOGY TO REACQUIRE FULL DEVELOPMENT AND
                        MARKETING RIGHTS TO SITAXSENTAN

              Company to Present Phase IIb/III Clinical Results at
                       American Thoracic Society Meeting

 CONFERENCE CALL SCHEDULED FOR FRIDAY, JANUARY 31, 2003 AT 8:30 AM EASTERN TIME
                          DIAL-IN NUMBER: 612-288-0329

HOUSTON, TX - JANUARY 30, 2003 - Texas Biotechnology Corporation (NASDAQ: TXBI)
today announced that the Company plans to reacquire full development and
worldwide marketing rights to the pulmonary arterial hypertension drug,
sitaxsentan, from ICOS-Texas Biotechnology, L.P., a partnership formed by Texas
Biotechnology and ICOS Corporation (NASDAQ: ICOS) in June 2000. Sitaxsentan will
be evaluated in a second pivotal phase III study beginning in the second
quarter.

"We are pleased to have the opportunity to reacquire this core asset," Bruce D.
Given, M.D., President and CEO of Texas Biotechnology said. "Sitaxsentan is
Texas Biotechnology's lead product, and we are excited by its potential as a new
option in the treatment of pulmonary arterial hypertension. Building upon ICOS'
considerable contributions to the development of this drug, we are well
positioned to bring this product through registration."

Under the ICOS-Texas Biotechnology L.P. agreement, research, development and
marketing costs were to be shared equally, as were profits on any product sales.
An initial focus of the joint venture was to initiate a Phase IIb/III pulmonary
arterial hypertension trial for sitaxsentan, which has been completed and
top-line results were announced in October 2002. The financial terms of this
transaction are subject to ongoing negotiations between the two companies.

Texas Biotechnology recently reached an agreement with the U.S. Food and Drug
Administration regarding the requirements for the second pivotal sitaxsentan
trial, and the Company intends to launch the STRIDE II Trial (Sitaxsentan To
Relieve ImpareD Exercise in pulmonary arterial hypertension) in the second
quarter of 2003.

 
Sitaxsentan Results to be Presented at the American Thoracic Society Annual Meeting
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The American Thoracic Society has accepted two abstracts - one oral presentation
and one poster presentation - on the results of the STRIDE Phase IIb/III trial.
Texas Biotechnology will present these abstracts at the Society's annual meeting
in Seattle, Wash., May 16 - 21, 2003.

"Sitaxsentan will be the second product Texas Biotechnology has the opportunity
to bring through FDA approval, after our successful registration of Argatroban,"
continued Dr. Given. "The Company ended 2002 with approximately $67 million in
cash, and possesses the proven expertise to manage this final stage of clinical
development. Reacquiring sitaxsentan is expected to change cash utilization for
the company. We expect to provide preliminary, updated financial guidance in
February for 2003."

ABOUT SITAXSENTAN AND PAH

Sitaxsentan is a small molecule that blocks the action of endothelin, a potent
mediator of blood vessel constriction and growth of smooth muscle in vascular
walls. Endothelin receptor antagonists may prove to be effective in the
treatment of a variety of diseases where the regulation of vascular constriction
is important. Sitaxsentan is selective in the targeting of the endothelin A
receptor.

Pulmonary arterial hypertension is a condition that involves high blood pressure
and structural changes in the walls of the pulmonary arteries, which are the
blood vessels that connect the right side of the heart to the lungs. PAH causes
shortness of breath, limits activity, and is eventually fatal unless treated
successfully with heart and lung transplant. Primary and secondary pulmonary
arterial hypertension are estimated to afflict up to 100,000 people worldwide,
many of whom are children or young adults.

Texas Biotechnology will host a conference call on Friday, January 31, 2003 at
8:30 AM Eastern. To participate in the call, dial 612/288-0329 and ask for the
Texas Biotechnology conference call. A replay of the conference call will also
be available beginning at 10:15 AM Eastern on Friday, January 31 and will end on
Saturday, February 1 at 11:59 PM Eastern. To access the replay dial 800/475-6701
in the United States and (320) 365-3844 for International access. The access
code for the replay is 673941. In addition, the conference call will be
available live on the Company's web site (www.tbc.com). A replay of the
conference call will also be available on the Company's web site.

ABOUT TEXAS BIOTECHNOLOGY

Texas Biotechnology, a biopharmaceutical company focused on the discovery,
development and commercialization of novel drugs, is recognized for its
expertise in small molecule drug development and vascular biology. Argatroban,
its first FDA-approved product, is being marketed by GlaxoSmithKline for
heparin-induced thrombocytopenia. Texas Biotechnology is in Phase III
development of the endothelin antagonist, sitaxsentan, for pulmonary arterial
hypertension. Texas Biotechnology has several other research and development
programs ongoing for a range of cardiovascular and inflammatory diseases. To
learn more about Texas Biotechnology please go to our web site: www.tbc.com .



This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Among those risks, trends and
uncertainties are timing and cost of our clinical trials, attainment of research
and clinical goals and milestones of product candidates, attainment of required
governmental approvals, sales levels of our products and availability of
financing and revenues sufficient to fund development of product candidates and
operations. In particular, careful consideration should be given to cautionary
statements made in the various reports Texas Biotechnology has filed with the
Securities and Exchange Commission. The Company undertakes no duty to update or
revise these forward-looking statements.




                            [SIGNATURE PAGE FOLLOWS]


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date January 30, 2003             TEXAS BIOTECHNOLOGY CORPORATION


                                      /s/  Stephen L. Mueller
                                      ------------------------------------------
                                      Stephen L. Mueller
                                      Vice-President, Finance and Administration
                                      Secretary and Treasurer