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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 13, 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") and State Street Bank and Trust Company,
as trustee (the "Trustee"),  have entered into a First  Supplemental  Indenture,
dated as of January 13, 1998 (the  "Supplemental  Indenture").  The Supplemental
Indenture amended the Indenture, dated as of March 26, 1997, between the Company
and  Trustee  (the  "Original  Indenture"),   which  governs  the  Company's  9%
Convertible   Subordinated   Notes  due  2004  (the   "Notes").   The  resulting
modifications to the Original  Indenture 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 review
carefully the Supplemental Indenture, the text of which is attached hereto as an
exhibit and is  incorporated  herein by  reference,  and to  ascertain  from the
Company or otherwise  whether such Notes are Consenting Notes (as defined in the
Supplemental Indenture).


ITEM 7.   Financial Statements, Pro Forma Financial Information and Exhibits

          (c) Exhibits.

Exhibit Number                                       Title
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     99             First Supplemental Indenture,  dated as of January 13, 1998,
                    by and  between  Hybridon,  Inc.  and State  Street Bank and
                    Trust Company, as Trustee






                                   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
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                                               Name:   E. Andrews Grinstead, III
                                               Title:  Chairman of the Board, 
                                                       President and Chief
                                                       Executive Officer

                                         Date:  January 15, 1998