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                       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: September 19, 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)
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ITEM 5. OTHER EVENTS


        On September 19, 1997, Hybridon, Inc. issued a press release announcing
its scheduled delisting from the Nasdaq National Market. 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 reference.


ITEM 7. EXHIBITS

99.1    Press release dated September 19, 1997.
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                                   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 hereunto duly authorized.


Dated: September 19, 1997            HYBRIDON, INC.






                                     /s/ E. Andrews Grinstead, III
                                     ---------------------------------------
                                     E. Andrews Grinstead, III
                                     Chairman, President and Chief Executive
                                     Officer
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                               INDEX TO EXHIBITS

EXHIBIT
  NO.                   DESCRIPTION
- -------                 -----------

 99.1       Press release dated September 19, 1997.