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Biotech / Medical : Ligand (LGND) Breakout!
LGND 192.10-1.6%Jan 30 9:30 AM EST
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To: tdinovo who wrote (7913)9/28/1997 10:08:00 PM
From: Henry Niman   of 32384
 
tdinovo, Usually Biotechs get bought out when they hit a brick wall. Hybritech's diagnostics were doing fine, but therapeutics (which were supposed to be finded by diagnostics) was going nowhere (and still hasn't) and Cetus ran into problems with IL-2 (wasn't as broadly applicable as originally thought).

Actually, the problems of these two Biotcehs turned out to be pluses for LGND. Joe Lacob was in charge of developmennt of the Cetus IL-2 program and he left Cetus and went to Klienner Perkins Caufield & Byers and was my first contact (when starting Progenx, the parent of Ligand). Brook Byers of course became a General Partner because of Hybritech. He also was heavily involved with the formation of Progenx and became Board Chair. He recruited Howard Birndorf as Progenx and Ligand's first President & CEO and Howard had his Biotech roots in Hybritech, as did LGND's current legal council, Larry Respess who probably was heavily involved in the diabetes deal, which I put in the "done deal" category.

LGND is just revving up its engines. I would be extremely surprised by a buyout (Brook Byers is no longer LGND's Board Chair - Kleiner Perkins did most of their distributing of LGND holdings in Dec, 1995).
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