UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
Under the Securities Exchange Act of 1934
 
(Amendment No. _1_)
 
BIOCRYST PHARMACEUTICALS, INC.
(Name of Issuer)
     
Common Stock, par value $0.01 per share
(Title of Class of Securities)
     
 
09058V-10-3
  
 
(CUSIP Number)
  
     
Leo Kirby
667 Madison Avenue, 19th Floor
New York, NY 10021
(212) 521-2418
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
     
 
March 13, 2006
  
 
(Date of Event which Requires Filing of this Statement)
  
     

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. X
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
 
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

Page 1 of 11


SCHEDULE 13D
 
CUSIP No.       09058V-10-3            
  
Page   2   of   11  Pages
 
 
1
 
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Julian C. Baker
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) X
 
(b) 
 
3
 
SEC USE ONLY
 
4
 
SOURCE OF FUNDS (See Instructions)
WC
5
 
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
7
 
SOLE VOTING POWER
0
 
8
 
SHARED VOTING POWER
1,774,838
 
9
 
SOLE DISPOSITIVE POWER
0
 
10
 
SHARED DISPOSITIVE POWER
1,774,838
 
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,774,838
 
12
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
  o
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1% 
 
14
 
TYPE OF REPORTING PERSON (See Instructions)
IN
 


Page 2 of 11

SCHEDULE 13D
 
CUSIP No.       09058V-10-3       
 
  
Page   3   of   11  Pages

1
 
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Felix J. Baker
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
 
(a) X
 
(b) 
 
3
 
SEC USE ONLY
 
4
 
SOURCE OF FUNDS (See Instructions)
WC
 
5
 
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
 
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
 
7
 
SOLE VOTING POWER
0
 
8
 
SHARED VOTING POWER
1,774,838
 
9
 
SOLE DISPOSITIVE POWER
0
 
10
 
SHARED DISPOSITIVE POWER
1,774,838
 
11
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,774,838
 
12
 
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
  o
13
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
 
14
 
TYPE OF REPORTING PERSON (See Instructions)
IN
 

This Amendment No.1 to Schedule 13D is being filed by Julian C. Baker and Felix J. Baker (the “Reporting Persons”) to supplement the statements on Schedule 13D previously filed by them, as heretofore amended. Except as supplemented herein, such statements, as heretofore amended and supplemented, remain in full force and effect.
 
Page 3 of 11
Item 5. Interest in Securities of the Issuer.
 
Set forth in the table below is the aggregate number of shares of Common Stock beneficially owned as of the date hereof by each of the following, together with the percentage of outstanding shares of Common Stock that such number represents based upon 28,980,228 shares outstanding as reported on the company’s SEC Form 10K filed on March 3, 2006
 
Name
Number of Shares
Percent of Class
Outstanding
Baker Bros Investments, L.P.
53,960
0.2%
Baker Bros. Investments II, L.P.
51,998
0.2%
Baker/Tisch Investments, L.P.
43,907
0.2%
Baker Biotech Fund I, L.P.
532,590
1.8%
Baker Biotech Fund II, L.P.
486,752
1.7%
Baker Biotech Fund II (Z), L.P.
67,285
0.2%
Baker Biotech Fund III, L.P.
422,168
1.5%
Baker Biotech Fund III (Z), L.P.
82,529
0.3%
14159, L.P.
33,649
0.1%
Total
1,774,838
6.1%
By virtue of their ownership of entities that have the power to control the investment decisions of the limited partnerships listed in the table above, Julian C. Baker and Felix J. Baker may each be deemed to be beneficial owners of shares owned by such entities and may be deemed to have shared power to vote or direct the vote of and shared power to dispose or direct the disposition of such securities.
 
The following transactions in Common Stock were effected by the entities noted below since the most recent filing on schedule 13D. None of the reporting Persons has effected any other transactions in Common Stock since the most recent filing on schedule 13D.
 
 
Page 4 of 11
 
Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
2/28/2006
    
3,754
    
Sale
    
20.19
  
$
75,793
  
Baker Bros. Investments, LP
    
2/28/2006
    
4,613
    
Sale
    
20.19
  
$
93,136
  
Baker Bros. Investments II, LP
    
2/28/2006
    
4,444
    
Sale
    
20.19
  
$
89,724
  
Baker Biotech Fund I, LP
    
2/28/2006
    
45,525
    
Sale
    
20.19
  
$
919,149
  
Baker Biotech Fund II, LP
    
2/28/2006
    
41,606
    
Sale
    
20.19
  
$
840,025
  
Baker Biotech Fund II (Z), LP
    
2/28/2006
    
5,751
    
Sale
    
20.19
  
$
116,113
  
Baker Biotech Fund III, LP
    
2/28/2006
    
36,086
    
Sale
    
20.19
  
$
728,576
  
Baker Biotech Fund III (Z), LP
    
2/28/2006
    
7,054
    
Sale
    
20.19
  
$
142,420
  
14159, LP
    
2/28/2006
    
2,876
    
Sale
    
20.19
  
$
58,066
  

 
Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
2/28/2006
    
356
    
Sale
    
21.15
  
$
7,529
  
Baker Bros. Investments, LP
    
2/28/2006
    
438
    
Sale
    
21.15
  
$
9,264
  
Baker Bros. Investments II, LP
    
2/28/2006
    
422
    
Sale
    
21.15
  
$
8,925
  
Baker Biotech Fund I, LP
    
2/28/2006
    
4,321
    
Sale
    
21.15
  
$
91,389
  
Baker Biotech Fund II, LP
    
2/28/2006
    
3,949
    
Sale
    
21.15
  
$
83,521
  
Baker Biotech Fund II (Z), LP
    
2/28/2006
    
546
    
Sale
    
21.15
  
$
11,548
  
Baker Biotech Fund III, LP
    
2/28/2006
    
3,425
    
Sale
    
21.15
  
$
72,439
  
Baker Biotech Fund III (Z), LP
    
2/28/2006
    
670
    
Sale
    
21.15
  
$
14,171
  
14159, LP
    
2/28/2006
    
273
    
Sale
    
21.15
  
$
5,774
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/1/2006
    
384
    
Sale
    
20.3
  
$
7,795
  
Baker Bros. Investments, LP
    
3/1/2006
    
472
    
Sale
    
20.3
  
$
9,582
  
Baker Bros. Investments II, LP
    
3/1/2006
    
455
    
Sale
    
20.3
  
$
9,237
  
Baker Biotech Fund I, LP
    
3/1/2006
    
4,661
    
Sale
    
20.3
  
$
94,618
  
Baker Biotech Fund II, LP
    
3/1/2006
    
4,259
    
Sale
    
20.3
  
$
86,458
  
Baker Biotech Fund II (Z), LP
    
3/1/2006
    
589
    
Sale
    
20.3
  
$
11,957
  
Baker Biotech Fund III, LP
    
3/1/2006
    
3,694
    
Sale
    
20.3
  
$
74,988
  
Baker Biotech Fund III (Z), LP
    
3/1/2006
    
722
    
Sale
    
20.3
  
$
14,657
  
14159, LP
    
3/1/2006
    
295
    
Sale
    
20.3
  
$
5,989
  
                                 
 
Page 5 of 11
Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
3/2/2006
    
618
    
Sale
    
20.57
  
$
12,712
  
Baker Bros. Investments, LP
    
3/2/2006
    
760
    
Sale
    
20.57
  
$
15,633
  
Baker Bros. Investments II, LP
    
3/2/2006
    
732
    
Sale
    
20.57
  
$
15,057
  
Baker Biotech Fund I, LP
    
3/2/2006
    
7,502
    
Sale
    
20.57
  
$
154,316
  
Baker Biotech Fund II, LP
    
3/2/2006
    
6,856
    
Sale
    
20.57
  
$
141,028
  
Baker Biotech Fund II (Z), LP
    
3/2/2006
    
948
    
Sale
    
20.57
  
$
19,500
  
Baker Biotech Fund III, LP
    
3/2/2006
    
5,947
    
Sale
    
20.57
  
$
122,330
  
Baker Biotech Fund III (Z), LP
    
3/2/2006
    
1,162
    
Sale
    
20.57
  
$
23,902
  
14159, LP
    
3/2/2006
    
475
    
Sale
    
20.57
  
$
9,771
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/3/2006
    
665
    
Sale
    
20.79
  
$
13,825
  
Baker Bros. Investments, LP
    
3/3/2006
    
818
    
Sale
    
20.79
  
$
17,006
  
Baker Bros. Investments II, LP
    
3/3/2006
    
788
    
Sale
    
20.79
  
$
16,383
  
Baker Biotech Fund I, LP
    
3/3/2006
    
8,076
    
Sale
    
20.79
  
$
167,900
  
Baker Biotech Fund II, LP
    
3/3/2006
    
7,381
    
Sale
    
20.79
  
$
153,451
  
Baker Biotech Fund II (Z), LP
    
3/3/2006
    
1,020
    
Sale
    
20.79
  
$
21,206
  
Baker Biotech Fund III, LP
    
3/3/2006
    
6,401
    
Sale
    
20.79
  
$
133,077
  
Baker Biotech Fund III (Z), LP
    
3/3/2006
    
1,251
    
Sale
    
20.79
  
$
26,008
  
14159, LP
    
3/3/2006
    
512
    
Sale
    
20.79
  
$
10,644
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/8/2006
    
131
    
Sale
    
19.04
  
$
2,494
  
Baker Bros. Investments, LP
    
3/8/2006
    
161
    
Sale
    
19.04
  
$
3,065
  
Baker Bros. Investments II, LP
    
3/8/2006
    
155
    
Sale
    
19.04
  
$
2,951
  
Baker Biotech Fund I, LP
    
3/8/2006
    
1,588
    
Sale
    
19.04
  
$
30,235
  
Baker Biotech Fund II, LP
    
3/8/2006
    
1,451
    
Sale
    
19.04
  
$
27,627
  
Baker Biotech Fund II (Z), LP
    
3/8/2006
    
201
    
Sale
    
19.04
  
$
3,827
  
Baker Biotech Fund III, LP
    
3/8/2006
    
1,259
    
Sale
    
19.04
  
$
23,971
  
Baker Biotech Fund III (Z), LP
    
3/8/2006
    
246
    
Sale
    
19.04
  
$
4,684
  
14159, LP
    
3/8/2006
    
99
    
Sale
    
19.04
  
$
1,885
  
                                 
                                 
                                 
                                 


Page 6 of 11

Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
3/9/2006
    
666
    
Sale
    
20.15
  
$
13,420
  
Baker Bros. Investments, LP
    
3/9/2006
    
818
    
Sale
    
20.15
  
$
16,483
  
Baker Bros. Investments II, LP
    
3/9/2006
    
788
    
Sale
    
20.15
  
$
15,878
  
Baker Biotech Fund I, LP
    
3/9/2006
    
8,072
    
Sale
    
20.15
  
$
162,650
  
Baker Biotech Fund II, LP
    
3/9/2006
    
7,377
    
Sale
    
20.15
  
$
148,647
  
Baker Biotech Fund II (Z), LP
    
3/9/2006
    
1,020
    
Sale
    
20.15
  
$
20,553
  
Baker Biotech Fund III, LP
    
3/9/2006
    
6,399
    
Sale
    
20.15
  
$
128,940
  
Baker Biotech Fund III (Z), LP
    
3/9/2006
    
1,251
    
Sale
    
20.15
  
$
25,208
  
14159, LP
    
3/9/2006
    
509
    
Sale
    
20.15
  
$
10,256
  
     
 
                          
Baker Tisch Investments, LP
    
3/13/2006
    
2,022
    
Sale
    
19.73
  
$
39,894
  
Baker Bros. Investments, LP
    
3/13/2006
    
2,483
    
Sale
    
19.73
  
$
48,990
  
Baker Bros. Investments II, LP
    
3/13/2006
    
2,393
    
Sale
    
19.73
  
$
47,214
  
Baker Biotech Fund I, LP
    
3/13/2006
    
24,509
    
Sale
    
19.73
  
$
483,562
  
Baker Biotech Fund II, LP
    
3/13/2006
    
22,401
    
Sale
    
19.73
  
$
441,972
  
Baker Biotech Fund II (Z), LP
    
3/13/2006
    
3,097
    
Sale
    
19.73
  
$
61,104
  
Baker Biotech Fund III, LP
    
3/13/2006
    
19,429
    
Sale
    
19.73
  
$
383,334
  
Baker Biotech Fund III (Z), LP
    
3/13/2006
    
3,798
    
Sale
    
19.73
  
$
74,935
  
14159, LP
    
3/13/2006
    
1,546
    
Sale
    
19.73
  
$
30,503
  
     
 
          
 
              
     
 
          
 
              
Baker Tisch Investments, LP
    
3/13/2006
    
2,155
    
Sale
    
19.69
  
$
42,431
  
Baker Bros. Investments, LP
    
3/13/2006
    
2,648
    
Sale
    
19.69
  
$
52,139
  
Baker Bros. Investments II, LP
    
3/13/2006
    
2,552
    
Sale
    
19.69
  
$
50,249
  
Baker Biotech Fund I, LP
    
3/13/2006
    
26,136
    
Sale
    
19.69
  
$
514,617
  
Baker Biotech Fund II, LP
    
3/13/2006
    
23,887
    
Sale
    
19.69
  
$
470,335
  
Baker Biotech Fund II (Z), LP
    
3/13/2006
    
3,302
    
Sale
    
19.69
  
$
65,016
  
Baker Biotech Fund III, LP
    
3/13/2006
    
20,718
    
Sale
    
19.69
  
$
407,937
  
Baker Biotech Fund III (Z), LP
    
3/13/2006
    
4,050
    
Sale
    
19.69
  
$
79,745
  
14159, LP
    
3/13/2006
    
1,652
    
Sale
    
19.69
  
$
32,528
  
     
 
                          
                                 
                                 


Page 7 of 11

Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
3/14/2006
    
668
    
Sale
    
19.54
  
$
13,053
  
Baker Bros. Investments, LP
    
3/14/2006
    
821
    
Sale
    
19.54
  
$
16,042
  
Baker Bros. Investments II, LP
    
3/14/2006
    
791
    
Sale
    
19.54
  
$
15,456
  
Baker Biotech Fund I, LP
    
3/14/2006
    
8,102
    
Sale
    
19.54
  
$
158,313
  
Baker Biotech Fund II, LP
    
3/14/2006
    
7,404
    
Sale
    
19.54
  
$
144,674
  
Baker Biotech Fund II (Z), LP
    
3/14/2006
    
1,024
    
Sale
    
19.54
  
$
20,009
  
Baker Biotech Fund III, LP
    
3/14/2006
    
6,422
    
Sale
    
19.54
  
$
125,486
  
Baker Biotech Fund III (Z), LP
    
3/14/2006
    
1,255
    
Sale
    
19.54
  
$
24,523
  
14159, LP
    
3/14/2006
    
511
    
Sale
    
19.54
  
$
9,985
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/14/2006
    
549
    
Sale
    
19.5
  
$
10,706
  
Baker Bros. Investments, LP
    
3/14/2006
    
674
    
Sale
    
19.5
  
$
13,143
  
Baker Bros. Investments II, LP
    
3/14/2006
    
649
    
Sale
    
19.5
  
$
12,656
  
Baker Biotech Fund I, LP
    
3/14/2006
    
6,650
    
Sale
    
19.5
  
$
129,673
  
Baker Biotech Fund II, LP
    
3/14/2006
    
6,077
    
Sale
    
19.5
  
$
118,502
  
Baker Biotech Fund II (Z), LP
    
3/14/2006
    
840
    
Sale
    
19.5
  
$
16,380
  
Baker Biotech Fund III, LP
    
3/14/2006
    
5,271
    
Sale
    
19.5
  
$
102,785
  
Baker Biotech Fund III (Z), LP
    
3/14/2006
    
1,030
    
Sale
    
19.5
  
$
20,085
  
14159, LP
    
3/14/2006
    
420
    
Sale
    
19.5
  
$
8,190
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/14/2006
    
1,187
    
Sale
    
19.49
  
$
23,135
  
Baker Bros. Investments, LP
    
3/14/2006
    
1,459
    
Sale
    
19.49
  
$
28,436
  
Baker Bros. Investments II, LP
    
3/14/2006
    
1,405
    
Sale
    
19.49
  
$
27,383
  
Baker Biotech Fund I, LP
    
3/14/2006
    
14,393
    
Sale
    
19.49
  
$
280,519
  
Baker Biotech Fund II, LP
    
3/14/2006
    
13,155
    
Sale
    
19.49
  
$
256,391
  
Baker Biotech Fund II (Z), LP
    
3/14/2006
    
1,818
    
Sale
    
19.49
  
$
35,433
  
Baker Biotech Fund III, LP
    
3/14/2006
    
11,409
    
Sale
    
19.49
  
$
222,361
  
Baker Biotech Fund III (Z), LP
    
3/14/2006
    
2,230
    
Sale
    
19.49
  
$
43,463
  
14159, LP
    
3/14/2006
    
909
    
Sale
    
19.49
  
$
17,716
  
                                 
                                 
                                 
                                 
 
Page 8 of 11
Name
  
Date
  
Number of Shares
  
Transaction
  
Price/Share
  
Aggregate Amount
  
Baker Tisch Investments, LP
    
3/15/2006
    
307
    
Sale
    
19.06
  
$
5,851
  
Baker Bros. Investments, LP
    
3/15/2006
    
377
    
Sale
    
19.06
  
$
7,186
  
Baker Bros. Investments II, LP
    
3/15/2006
    
363
    
Sale
    
19.06
  
$
6,919
  
Baker Biotech Fund I, LP
    
3/15/2006
    
3,721
    
Sale
    
19.06
  
$
70,922
  
Baker Biotech Fund II, LP
    
3/15/2006
    
3,401
    
Sale
    
19.06
  
$
64,823
  
Baker Biotech Fund II (Z), LP
    
3/15/2006
    
470
    
Sale
    
19.06
  
$
8,958
  
Baker Biotech Fund III, LP
    
3/15/2006
    
2,949
    
Sale
    
19.06
  
$
56,208
  
Baker Biotech Fund III (Z), LP
    
3/15/2006
    
577
    
Sale
    
19.06
  
$
10,998
  
14159, LP
    
3/15/2006
    
235
    
Sale
    
19.06
  
$
4,479
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/15/2006
    
388
    
Sale
    
19.25
  
$
7,469
  
Baker Bros. Investments, LP
    
3/15/2006
    
475
    
Sale
    
19.25
  
$
9,144
  
Baker Bros. Investments II, LP
    
3/15/2006
    
457
    
Sale
    
19.25
  
$
8,797
  
Baker Biotech Fund I, LP
    
3/15/2006
    
4,697
    
Sale
    
19.25
  
$
90,417
  
Baker Biotech Fund II, LP
    
3/15/2006
    
4,293
    
Sale
    
19.25
  
$
82,640
  
Baker Biotech Fund II (Z), LP
    
3/15/2006
    
593
    
Sale
    
19.25
  
$
11,415
  
Baker Biotech Fund III, LP
    
3/15/2006
    
3,723
    
Sale
    
19.25
  
$
71,668
  
Baker Biotech Fund III (Z), LP
    
3/15/2006
    
729
    
Sale
    
19.25
  
$
14,033
  
14159, LP
    
3/15/2006
    
299
    
Sale
    
19.25
  
$
5,756
  
     
 
          
 
              
Baker Tisch Investments, LP
    
3/15/2006
    
236
    
Sale
    
19.23
  
$
4,538
  
Baker Bros. Investments, LP
    
3/15/2006
    
288
    
Sale
    
19.23
  
$
5,538
  
Baker Bros. Investments II, LP
    
3/15/2006
    
279
    
Sale
    
19.23
  
$
5,365
  
Baker Biotech Fund I, LP
    
3/15/2006
    
2,851
    
Sale
    
19.23
  
$
54,824
  
Baker Biotech Fund II, LP
    
3/15/2006
    
2,605
    
Sale
    
19.23
  
$
50,094
  
Baker Biotech Fund II (Z), LP
    
3/15/2006
    
361
    
Sale
    
19.23
  
$
6,942
  
Baker Biotech Fund III, LP
    
3/15/2006
    
2,260
    
Sale
    
19.23
  
$
43,460
  
Baker Biotech Fund III (Z), LP
    
3/15/2006
    
443
    
Sale
    
19.23
  
$
8,519
  
14159, LP
    
3/15/2006
    
177
    
Sale
    
19.23
  
$
3,404
  
                                 
 
Item 7. Material to Be Filed as Exhibits.
 
Exhibit 1. Agreement regarding the joint filing of this statement.
 

Page 9 of 11

SIGNATURE
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
March 15, 2006
     
  By:   /s/ Julian C. Baker  
 
Julian C. Baker
 
     
  By:   /s/ Felix J. Baker   
 
Felix J. Baker
 
  
Page 10 of 11
 
EXHIBIT 1

AGREEMENT
 
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that this Statement on Schedule 13D relating to the Common Stock, $0.01 par value, of Biocryst Pharmaceuticals, Inc. is being filed with the Securities and Exchange Commission on behalf of each of them.
 
March 15, 2006
     
  By:   /s/ Julian C. Baker  
 
Julian C. Baker
 
     
  By:   /s/ Felix J. Baker   
 
Felix J. Baker
 
  
Page 11 of 11