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Biotech / Medical : Ligand (LGND) Breakout!
LGND 186.64-2.0%Feb 9 3:59 PM EST
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To: Arthur Radley who wrote (7435)9/24/1997 6:50:00 PM
From: Henry Niman   of 32384
 
TD, The $25 million in cash includes the $8.9 Million from AGN and there will be cash left in ALRI. Here's what Dow Jones said:

Ligand, Allergan Buyout Allergan Ligand

SAN DIEGO (Dow Jones)--Ligand Pharmaceuticals Inc. (LGND) and
Allergan Inc. (AGN) exercised their options to buy out public shareholders in
their Allergan Ligand Retinoid Therapeutics Inc. (ALRI) venture, giving each
company exclusive rights to certain compounds and technology developed in
the partnership.

In a press release Wednesday, Ligand said it will exercise its right to buy all
the venture's callable common shares for $21.97 each in cash and stock, or
$71.4 million. Allergan will then pay Ligand $8.9 million in cash to exercise its
option to take a 50% interest in the assets and technologies of Allergan Ligand
Retinoid Therapeutics. Ligand and Allergan will each take undisclosed charges
related to exercising their options under the partnership, which came public in
1994.

Ligend said that together with Allergan it will restructure the terms and
conditions relating to research, development, commercialization and sublicense
rights for Allergan Ligand Retinoid in the period following the close of the
options exercise.

Shares of the venture closed Wednesday at $19.44.
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