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: September 3, 1997                   Commission File No. 0-27352
                -----------------                                       -------
(Date of earliest event reported)

                                 HYBRIDON, INC.
             (Exact name of registrant as specified in its Charter)

         Delaware                                          04-3072298
         --------                                          ----------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

620 Memorial Drive, Cambridge, Massachusetts                      02139
- --------------------------------------------                      -----
 (Address of principal executive offices)                       (Zip Code)

                                 (617) 528-7000
              (Registrant's telephone number, including area code)



     On September 3, 1997, Hybridon, Inc. (the "Company") issued a press release
announcing the termination of its research and development collaboration with F.
Hoffmann-LaRoche, Ltd. A copy of the press release has been filed with this
Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by


99.1 Press release dated September 3, 1997.



     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.

Dated: September 5, 1997                HYBRIDON, INC.

                                        /s/ E. Andrews Grinstead, III
                                        E. Andrews Grinstead, III
                                        Chairman, President and Chief Executive


                                INDEX TO EXHIBITS

  No.                      Description
- -------                    -----------

 99.1       Press release dated September 3, 1997.

                                                                   Exhibit 99.1
[Hybridon Logo]                                                    News Release

                Hybridon, Inc.         Tel: 617.528.7000  Fax: 617.528.7001
                620 Memorial Drive     www.hybridon.com
                Cambridge, MA 02139   
                                        Contact: Robin Hogen
FOR IMMEDIATE RELEASE                   Vice President, Corporate Communications
                                        and Public Affairs


CAMBRIDGE, MASS. - September 3, 1997 - Hybridon, Inc., (Nasdaq: HYBN) today
announced that it had received notification from F. Hoffmann-La Roche, Ltd.
("Roche") that Roche had decided not to pursue further its antisense
collaboration with Hybridon, and was terminating the collaboration effective
February 28, 1998. The research and development collaboration began in 1992
and identified lead compounds for both hepatitis C and human papillomavirus
(HPV), for which Roche made milestone payments to Hybridon. Roche has indicated
that it will assign agreement-related patent rights to the HPV and hepatitis C
programs to Hybridon. All licenses granted to Roche under the agreement will be
returned to Hybridon.

As previously announced, Roche ceased making research payments to Hybridon as
of March 31, 1997. The termination of the collaboration will enable Hybridon to
explore other alternatives with respect to the development of antisense
compounds for the treatment of hepatitis C and human papillomavirus.

"We believe this has been a very successful collaboration scientifically
between our two companies. The two lead compounds which were identified are
both attractive clinical candidates with the potential to address significant
unmet needs for drugs against two very problematic diseases," said E. Andrews
Grinstead, III, Hybridon's Chairman and CEO. "Hybridon intends to pursue
development and partnering of these compounds."

The compound targeting HPV has demonstrated in an animal model a potent
antiviral effect. Additional work remains to improve on promising early results
of a formulation for topical delivery. The lead compound against hepatitis C has
been shown to inhibit hepatitis C expression in cell culture assays by an
antisense mechanism in a dose dependent manner. Hybridon has identified an
animal model for hepatitis C which could be appropriate for in vivo studies. 

Hybridon, headquartered in Cambridge, Massachusetts, is a leader in the
discovery and development of novel genetic medicines for the treatment of
important diseases, based primarily on antisense technology.  Antisense
technology involves the use of synthetic segments of DNA and RNA to stop the
production of disease-associated proteins by interacting at the genetic level
with target strands of messenger RNA.


This press release contains forward-looking statements that involve a number of
risks and uncertainties. For this purpose, any statements contained herein that
are not statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believed", "anticipates",
"plans", "expects", "intends" and similar expressions are intended to identify
forward-looking statements. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are
set forth under the caption "Certain Factors That May Affect Future Results" in
the Company's Annual Report on Form 10-K for the year ended December 31, 1996,
which important factors are incorporated herein by reference. As more fully
described in such "important factors" discussion in the Company's Annual Report
on Form 10-K, please note that all of the Company's potential products are at an
early stage of development; the results obtained in preclinical studies such as
the results from the animal studies referred to above may not be indicative of
results that will be obtained in clinical trials; neither the Company nor, to
its knowledge, any other company has successfully completed human clinical
trials of a product based on antisense technology; there can be no assurance
that the Company will receive regulatory approvals to commence or continue
clinical trials of product candidates or to market any products; and there can
be no assurance that the Company will enter any collaborative arrangements with
third parties with respect to hepatitis C or HPV or as to the terms of such
collaborative arrangements. 

                    Leadership in Genetic Antisense Medicine