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Biotech / Medical : Ligand (LGND) Breakout!
LGND 200.79-0.2%Nov 14 9:30 AM EST
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To: Torben Noerup Nielsen who wrote (15728)2/24/1998 9:30:00 AM
From: Henry Niman  Read Replies (1) of 32384
 
CNBC just had Joe Riccardo, Pharmaceutical analysts for Bear Stearns on. He says SBH still looking, but better get it right this time (3 failures to do deal would look foolish). Joe Kernan asked if they protested too much, blaming GLX for failure. Riccardo thinks that management plans changed during negotiations and seemed to accept SBH's version. Expect some hit on sector since it went up 5% each time SBH new merger was announced.

Bear Stearns favorites are AHP, WLA, PFE

Expected more mergers because biggest pharma still small percent of total, but noted that smaller companies ($2 Billion Parke Davis) can still come up with blockbusters (Rezulin and Lipitor).

After interview projected opens were 53-56 for GLX and 59-62 for SBH.
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