Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 189.80

+3.6%

3:59 PM EST

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To: Hippieslayer who wrote (9884)	10/21/1997 1:00:00 PM
From: Henry Niman	Read Replies (2) of 32384

Stephen, The Lehman Bothers reiterated BUY addresses some questions. They clearly liked the terms and provided some details on the prospective LLY compound. The compound would fit into LGND's area of strategic focus. LGND would have North American and European rights. LLY would manufacture it and LGND would sell it. LGND would book $30 million if they exercise the option. The report also indicates that the Targretin royalty rate is 15% (which would increase to 16 1/2 % if the option for the new product wasn't exercised, but it sounds like LGND will exercise the option - the product should be FDA approved next year). The report also indicates that much of the $75 million in milestones are related to LGND's most advanced rexinoids and LGND should begin to receive royalties next year (when Targretin starts its US diabetes trial and LGD1268 and LGD1324 enter the clinic).

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