UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 17, 2007

Metabasis Therapeutics, Inc.
(Exact name of registrant as specified in its charter)

 

Registrant’s telephone number, including area code: (858) 587-2770

Not Applicable.

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01               Other Events.

On July 17, 2007, we announced that we have been informed by our strategic collaborator, Daiichi Sankyo, of its initial review of results from a three-month Phase 2b clinical trial of CS-917 in patients with type 2 diabetes.  In addition, we announced that we have been informed by Schering-Plough Corporation of its intention to terminate the agreements it entered into with Metabasis and Valeant Pharmaceuticals International in December 2006 for the development and commercialization of pradefovir.  The announcements were made in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01               Financial Statements and Exhibits.

(d)           Exhibits.

99.1         Press release of Metabasis Therapeutics, Inc. dated July 17, 2007.

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SIGNATURE

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 hereunto duly authorized.

	METABASIS THERAPEUTICS, INC.
	By:	/s/ John W. Beck
		John W. Beck
		Senior Vice President of Finance, Chief
		Financial Officer and Treasurer
Date: July 17, 2007

 

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INDEX TO EXHIBITS

99.1         Press release of Metabasis Therapeutics, Inc. dated July 17, 2007.

 

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