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Biotech / Medical : Elan Corporation, plc (ELN)

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To: jayhawk969 who wrote (3549)	11/13/2002 1:40:06 PM
From: jayhawk969	Read Replies (2) of 10345

LGND dilution-- 3 year call. 6.75% interest. Another 10 million in cost to overcome. Strike price 15% over market. Right now that means aprox 6, and 22 million shares. Approx 30% dilution. How does one do 30% dilution for 20% of a single product and pay $4 over market for its own shares? Fred, Harold, others help me out here, this appears to be a very bad deal for LGND.

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