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                                  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): January 22, 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


         On January 22, 1998,  Hybridon,  Inc.  (the  "Company")  issued a press
release  announcing  that the Company  has  determined  not to proceed  with the
offering described in its press release dated November 18, 1997 and filed with a
Current  Report on Form 8-K on that  date.  In lieu  thereof,  the  Company  has
commenced a private offering,  on a best efforts basis, to overseas investors in
accordance  with  Regulation  S  under  the  Securities  Act of  1933  of  units
("Units"),  each Unit consisting of $100,000  principal amount of Notes due 2007
and certain  warrants to purchase  Common  Stock,  pursuant to which the Company
intends to offer (together with a private offering,  on a best efforts basis, on
substantially  the same  terms  which the  Company  may  commence  in the United
States) a maximum of 400 Units (with an over-allotment option covering an
additional  150 Units),  at a purchase  price of $100,00 per Unit. A copy of the
release has been filed with this Current  Report on Form 8-K as Exhibit 99.1 and
is incorporated herein by reference.


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

          (c) Exhibits.

Exhibit Number                           Title
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     99.1                   Press Release dated January 22, 1998






                                   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 22, 1998