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Biotech / Medical : Ligand (LGND) Breakout!
LGND 189.93+0.5%3:59 PM EST
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To: Torben Noerup Nielsen who wrote (15728)2/24/1998 8:30:00 AM
From: Henry Niman   of 32384
 
Torben, I can't give much of an update on Ph.D. hires, but most of LGND's research staff do have advanced degrees. They have been very productive and I expect such productivity to continue. Although LGND is still grossly underfunded, a significant amount of cash does go into research. The LLY deal alone funds about $10 million per year on research and LGND's other deals also have a research funding component.

LGND's research success is one of the reasons why the break off of SBH/GLX talks won't have a major impact. The two alliances with LGND don't overlap, which was good, but both partners will likely seek other big pharmas. The main synergy between GLX and SBH was genomics and library screening of randomly synthesized compounds, both of which are really a bit outside of LGND's area.

In fact LGND's success is a good argument against both of the above approaches. Joe Kernan had talked out "kids in a candy store", but LGND has been in that position for some time now. They have over 100 molecular targets, and their targeted drug design gives then a leg up on the random approach.

In fact the AGN alliance alone generated several thousand retinoid/rexinoid compounds and many have advanced into preclinicals or even advanced clinicals, including an NDA this quarter.

At H&Q there was discussion about products and platforms, which in LGND's case was a moot point since they have both.
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