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Biotech / Medical : Ligand (LGND) Breakout!
LGND 193.07-1.2%3:59 PM EST
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To: Arthur Radley who wrote (9631)10/20/1997 12:51:00 PM
From: Henry Niman   of 32384
 
TD, Upfront payments virtually always include an equity position (all of LGND's do). Thus they will get $50 million upfront with no strings attached to do whatever they want. The deal is also very research orientated and involves much more than diabetes. The research programs usually begin when the deal is signed (LGND has active programs in PPARalpha for obesity, PPARgamma for diabetes, RXRs for both, HNF4 for MODY, and leptin promoter for obesity). It doesn't make sense to wait on the research funding. Sinces its a 5 year agreement with a 3 year extension (with more money if extended), it would seem likely that about $10 million would be paid at the BEGINNING of the agreement (the scientists working on these projects prefer weekly or monthly salaries).
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