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Biotech / Medical : AMLN (DIABETES DRUGS)
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To: D.Right who wrote (902)10/21/1997 12:25:00 PM
From: Henry Niman   of 2173
 
Dan, I woudln't characterize LGND's deal as a sellout. LGND has a very broad technology platform. Half of their technology is intracellular receptors (IR) and the other half is STATs (which target polypeptide hormones). Although LGND spends about 80% of its time and money on IRs, its more because that technology is more advanced (many analysts expect the two technologies to eventually target markets of similar size).

The diabetes deal primarily targets RXRs which are a subset of a subset, for a subset of indications (rexinoids are a subset of the retinoids which are a subset of the intracellualr receptors and even the rexinoids are for non-niche areas (LGND's niches are cancer and women's health and the retinoids also have dematological and cosmeceutical applications).

LGND has always indicated that they would license out the larger non-niche areas (like metabolic diseases) because they were too small to develop them and the targets werer outside of their niche.

AMLN on the other hand has one major disease with one major drug. If they didn't retain a significant portion of that target, there would be little to value the company on. Their one target has produced less than stellar results and they are trying to improve by redefining endpoints. I suspect that most current AMLN investors think that AMLN can pull it off, and get a significant portion of the market (because even 50% of a small market is a small amount).

LGND and AMLN share a parking lot and a target indication, but there are major differences in the companies and it goes far beyond the structures of their diabetes deals.
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