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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: Harrison Hickman who wrote (7525)9/25/1997 1:20:00 AM
From: Andrew H   of 32384
 
Well, Harrison, I won't argue metaphysics with you although I spent a number of years studying political philosphy. But I remain unconvinced about the simplicity you and Henry seem to find behind the complexity. Still, there is a certain elegance in the solution. No question that these folks are very creative. A football type lottery for divvying up the compounds!!

In regard to your question about the one time charge related to the excess of the purchase option price over the fair value of asstets acquired, I don't have a clue. Maybe Henry does. If they are going to take a charge in relation to those assets, they will probably not be able to be too esoteric about it. There must be some common standard they will use, but I have no idea how the fair value of such assets would be calculated. .Maybe they have an appraiser come in?? (:>)

As far as Robinson's invitation to the street, I am not sure that the equity position of a partner would give the Street a good idea of the fair value of LGND stock, since many factors will be involved in the deal and the partner will be looking to the longer term price of the stock. But you make an interesting point. My guess is that LGND would like to see a high price for the equity position of the partner for the reasons you suggest. For example, if they could get the partner to pay 25/share for 2M shares, they would have an additional 50M cash plus a high share price with no additional float of shares. Of course that doesn't mean the market will accept that price as its own. Guess we'll have to wait and see.

Let's hope we are grinning broadly tomorrow!!
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