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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: Henry Niman who wrote (7428)9/24/1997 6:33:00 PM
From: Andrew H   of 32384
 
Henry--just got back and skimmed the release. It is very complex like many of LGND's agreements, but this one takes the cake. Looks like no one was interested in Occam's razor.(:>)

Anyway I hope you will give us your analysis as soon as possible. Like stan, I was trembling as I read it. I have many questions. Will this get rid of the LGND short position? Looks like LGND gets all of panretin and a couple of other compounds buy has to pay significant royalties to AGN. Also they give 33% of their metabolic diabetes take to AGN. I didn't notice what LGND receives from the AGN compounds. Could you tell us what you think of this complex exchange and why?

Also I thought LGND would only have to pay about 60M and that AGN would be putting up 9M. Not the case? Also did not see a date on which one could begin calculating the 20 day average price. One would think that they would want to delay purchase until the diabetes deal was signed to maximize the value of their shares. Any guesses as to when the 20 day count begins?

Finally, how do you think the stock will open tomorrow? Thanks in advance for your commentary. Looks like this is the opening salvo in all the news we've been expecting.

AGN buyout seems less likely now, yes?
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