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Biotech / Medical : Ligand (LGND) Breakout!
LGND 190.43-0.7%Feb 6 9:30 AM EST
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To: MWP who wrote (7641)9/25/1997 1:17:00 PM
From: Henry Niman   of 32384
 
MWP, I don't have a clue about the tax aspects. As far as taking longer than expected, in view of the leptin delay, I find it hard to believe that Robinson would say ANYTHING at this time unless its a done deal, and since some LGND stock will be used for the call, the sooner the diabetes deal is announced, the better. LGND and AGN chose the Nov 3 date (thereby using the month of October to determine LGND's price for the amount stock to be used for the call). Since ALRI is reported to have $22 million in the bank at the end of this month, the call could have waited until next year.

I think that everything is finished and now the release of the news will be timed to generate a maximun in LGND's price in the next month. They have a ton of clinicals lined up, and their concentrated release will attract considerable attention. I expect the next month to represent an unprecedented concentration of good clinical and biotech news.

I think that another player in diabetes will emerge very soon. AGN will move products into the clinic very quickly and add to the good news.
I'm just confused about JNJ's involvement. I don't see an advantage of buying AGN and doing a diabetes deal with LGND unless its to limit competion (JNJ would get all of the retinoid/rexinoids if it did both) which would be a plus for JNJ, but maybe not for LGND unless JNJ was planning on moving forward big time, which is a distinct possibility).
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