- Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

BVF PARTNERS L P/IL

2. Date of Event Requiring Statement (MM/DD/YYYY) 12/30/2008

3. Issuer Name and Ticker or Trading Symbol

INHIBITEX, INC. [INHX]

(Last) (First) (Middle)

900 N. MICHIGAN AVENUE, SUITE 1100

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director ___ X ___ 10% Owner
_____ Officer (give title below) ___ X ___ Other (specify below)
/ Indirect Beneficial Owners

(Street)

CHICAGO, IL 60611

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1364322	D ⁽¹⁾ ⁽⁵⁾ ⁽⁶⁾
Common Stock	941337	D ⁽²⁾ ⁽⁵⁾ ⁽⁶⁾
Common Stock	3339064	D ⁽³⁾ ⁽⁵⁾ ⁽⁶⁾
Common Stock	5644723	I ⁽⁴⁾	See footnotes ⁽⁵⁾ ⁽⁶⁾
Common Stock	5644723	I ⁽⁴⁾	See footnotes ⁽⁵⁾ ⁽⁶⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrants (right to purchase Common Stock)	12/30/2008	11/10/2009	Common Stock, par value $0.001 per share	4791	$8.81	D ⁽¹⁾
Warrants (right to purchase Common Stock)	12/30/2008	11/10/2009	Common Stock, par value $0.001 per share	3337	$8.81	D ⁽²⁾
Warrants (right to purchase Common Stock)	12/30/2008	11/10/2009	Common Stock, par value, $0.001 per share	12064	$8.81	D ⁽³⁾
Warrants (right to purchase Common Stock)	12/30/2008	11/10/2009	Common Stock, par value $0.001 per share	20192	$8.81	I ⁽⁴⁾	See footnotes ⁽⁵⁾ ⁽⁶⁾
Warrants (right to purchase Common Stock)	12/30/2008	11/10/2009	Common Stock, par value, $0.001 per share	20192	$8.81	I ⁽⁴⁾	See footnotes ⁽⁵⁾ ⁽⁶⁾

Explanation of Responses:
( 1)	The shares of Common Stock, Warrants and the shares of Common Stock underlying the Warrants are directly beneficially owned by Biotechnology Value Fund, L.P. ("BVF"), a Delaware limited partnership.
( 2)	The shares of Common Stock, Warrants and the shares of Common Stock underlying the Warrants are directly beneficially owned by Biotechnology Value Fund, II, L.P. ("BVF2"), a Delaware limited partnership.
( 3)	The shares of Common Stock, Warrants and the shares of Common Stock underlying the Warrants are directly beneficially owned by BVF Investments, LLC ("BVLLC"), a Delaware limited liability company.
( 4)	The shares of Common Stock, Warrants and the shares of Common Stock underlying the Warrants are indirectly beneficially owned by BVF Partners, L.P., a Delaware limited partnership ("Partners"). Partners is the general partner of BVF and BVF2 and is the manager of BVLLC.
( 5)	The shares of Common Stock, Warrants and the shares of Common Stock underlying the Warrants are indirectly beneficially owned by BVF Inc., a Delaware corporation ("BVF Inc."), which is the general partner of Partners and is also an investment advisor to Partners.
( 6)	Pursuant to the operating agreement of BVLLC, Partners is authorized, among other things to invest funds of Samana Capital, L.P., the majority member of BVLLC, in the shares of Common Stock described herein and to vote and exercise dispositive power over those securities. Mark N. Lampert is the sole shareholder and sole director of BVF Inc., and is an officer of BVF Inc. This joint filing on Form 3 shall not be deemed an admission that Mark N. Lampert is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any securities covered by this joint filing. Mr. Lampert disclaims beneficial ownership of all securities reported in this joint filing on Form 3, except to the extent that he has a pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BVF PARTNERS L P/IL 900 N. MICHIGAN AVENUE SUITE 1100 CHICAGO, IL 60611		X		Indirect Beneficial Owners
BIOTECHNOLOGY VALUE FUND L P 900 N. MICHIGAN AVENUE, SUITE 1100 CHICAGO, IL 60611		X		Indirect Beneficial Owners
BIOTECHNOLOGY VALUE FUND II LP C/O GROSVENOR CAPITAL MANAGEMENT 900 N. MICHIGAN AVENUE, SUITE 1100 CHICAGO, IL 60611		X		Indirect Beneficial Owners
BVF INVESTMENTS LLC C/O GROSVENOR CAPITAL MANAGEMENT LP 900 N. MICHIGAN AVENUE, SUITE 1100 CHICAGO, IL 60611		X		Indirect Beneficial Owners
BVF INC/IL C/O GROSVENOR CAPITAL MANAGEMENT 900 N. MICHIGAN AVENUE, SUITE 1100 CHICAGO, IL 60611		X		Indirect Beneficial Owners

Signatures
BVF PARTNERS L.P., By: BVF Inc., its General Partner, By: /s/ Mark N. Lampert, President		1/9/2009
^** Signature of Reporting Person		Date
BIOTECHNOLOGY VALUE FUND, L.P., By: BVF Partners L.P., its General Partner, By: BVF Inc., its General Partner, By: /s/ Mark N. Lampert, President		1/9/2009
^** Signature of Reporting Person		Date
BIOTECHNOLOGY VALUE FUND II, L.P., By: BVF Partners L.P., its General Partner, By: BVF Inc., its General Partner, By: /s/ Mark N. Lampert, President		1/9/2009
^** Signature of Reporting Person		Date
BVF INVESTMENTS, L.L.C., By: BVF Partners, L.P., its Manager, By: BVF Inc., its General Partner, By: /s/ Mark N. Lampert, President		1/9/2009
^** Signature of Reporting Person		Date
BVF INC., By: /s/ Mark N. Lampert, President		1/9/2009
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.