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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: WTDEC who wrote (19720)4/28/1998 6:59:00 AM
From: Henry Niman  Read Replies (1) of 32384
 
Here's what Dow Jones had to say yesterday about the leptin/obesity deal with SBH:
Dow Jones Newswires -- April 27, 1998
Ligand, SmithKline Get OK To Add Leptin-Obesity
Research

SAN DIEGO (Dow Jones)--Ligand Pharmaceuticals Inc. (LGND)
received regulatory approval to add leptin-obesity research to its existing
collaboration with SmithKline Beecham PLC. (SBH).

In a press release Monday, Ligand said SmithKline purchased 274,423
Ligand common shares for $5 million, or $18.22 a share. The price reflects
a 20% premium over a 15-day trading average of Ligand shares prior to
the agreement.

SmithKline also purchased a warrant for $1 million to purchase 150,000
Ligand common shares at $20 a share. The warrant expires in five years.
Ligand may require SmithKline to exercise the warrant under certain
circumstances after three years.

SmithKline will acquire additional Ligand shares at a 20% premium if a
research milestone is achieved. The agreement provides for cash payments
for subsequent milestones. Milestone payments will be made as the
compounds progress through preclinical and clinical development.

SmithKline will obtain exclusive worldwide rights to products and make
royalty payments on their sales.

As reported March 18, the pharmaceutical companies plan to develop
small molecule drugs that modulate the signaling pathway controlled by
leptin as a means of discovering orally available drugs for obesity treatment.

The companies are currently collaborating on hematopoietic growth factor.
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