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

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                                    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): January 11, 1998


                                     0-27352
                            (Commission File Number)

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

        Delaware                                            3072298
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  (State of Incorporation)                               (IRS Employer
                                                      Identification Number)

               620 Memorial Drive, Cambridge, Massachusetts 02139
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              (Address of registrant's principal executive office)

                                 (617) 528-7000
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                         (Registrant's telephone number)

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ITEM 5. Other Events


         Hybridon,  Inc. (the  "Company")  has commenced a consent  solicitation
(the "Consent  Solicitation") with respect to certain proposed amendments to the
Indenture,  dated as of March 26,  1997,  by and  between  the Company and State
Street Bank and Trust Company,  as trustee (the "Indenture"),  which governs the
Company's 9%  Convertible  Subordinated  Notes due 2004 (the  "Notes").  Such an
amendment  to the  Indenture  will affect the rights of the holders of the Notes
and subsequent transferees. Prior to making any investment decision with respect
to the  Notes,  all  offerors  and  offerees  of the  Notes  are urged to inform
themselves as to the  then-current  status of the Consent  Solicitation and such
Indenture amendment.





                                   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.


                                         HYBRIDON, INC.

                                         By:   /s/ E. ANDREWS GRINSTEAD, III
                                               -----------------------------
                                               Name:   E. Andrews Grinstead, III
                                               Title:  Chairman of the Board, 
                                                       President and Chief
                                                       Executive Officer

                                         Date:  January 12, 1998