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Biotech / Medical : A Good Cancer research Bio company?
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To: B. Ino who wrote ()9/25/1996 10:10:00 AM
From: Henry Niman   of 76
 
This morning LGND announced a secondary offering of 2.75 million shares.
This was not unexpected. It's fairly common for Biotechs to begin
thinking about secondaries when their share price reaches $15. LGND has
been public for almost 4 years. The lead underwriters are Bear Stearns
(they have a BUY out on LGND and LGND presented at their Biotech
conference a couple of weeks ago), Robertson Stevens (LGND presents at
their conference next month), and Hambrecht & Quist (a lead underwriter of
LGND's 1992 IPO and LGND regularly presents at their conference in
January). Prospectuses are available at 212.272.2000, 415.781.9700, and
415.439.3000 (attention prospective office at the above
respective underwriters).

Henry
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