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Biotech / Medical : Allergan Ligand (ALRI)
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To: squetch who wrote (42)9/25/1997 6:47:00 AM
From: Henry Niman   of 46
 
Here's WSJ's interactive edition's version:
Ligand and Allergan Exercise
Options to Buy, End ALRT

By a WALL STREET JOURNAL Staff Reporter

SAN DIEGO, Calif. -- Ligand Pharmaceuticals Inc. and
Allergan Inc. said they exercised their options to acquire
the assets of Allergan Ligand Retinoid Therapeutics Inc.
for $21.97 a share, or $71.4 million, and to dissolve the
company.

ALRT was formed in 1994 by Ligand and Allergan to
accelerate development of retinoid medications being
pursued jointly by the companies. ALRT went public in
1995 and raised $32.5 million; Allergan contributed $50
million in cash and Ligand $17.5 million.

Ligand and Allergan also said they restructured
distribution and royalty rights to certain compounds
developed by ALRT. They said the restructuring would
better allow each to pursue different programs they want
to develop with ALRT compounds.

Rights to Panretin, which is in Phase III trials to treat
Kaposi's Sarcoma, and three other compounds will be
allocated to Ligand. Allergan will be allocated rights to
three compounds that include possible applications to skin
conditions such as psoriasis and acne. Each company will
have exclusive world-wide rights and will pay royalties to
the other on net sales of its respective compounds.

Rights to about 2,000 other compounds in the ALRT
library will be allocated between Ligand and Allergan by
lottery.

ALRT went public in June 1995 by selling 3.25 million
units at $10 each. A unit consisted of one callable ALRT
common share and two warrants for Ligand common
stock at a strike price of $7.12 per share, which expires
June 3, 2000.

Ligand's stock closed Wednesday at $16.38 per share in
Nasdaq Stock Market trading. Allergan's closed at
$34.88 on the American Stock Exchange. ALRT closed at
$19.44 in Nasdaq Stock Market trading.
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