Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 201.29

+0.2%

3:59 PM EST

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To: dwc who wrote (20597)	5/12/1998 5:16:00 PM
From: Henry Niman	Read Replies (1) of 32384

Here's BancAmerica Robertson Stephen's take on the investment side: INVESTMENT IMPACT: Positive. Considering that Seragen spent over $200 million and Eli Lilly spent at least $20 million on this technology, Ligand's price of $75 million (over half of this price will be paid at a future time when Ligand's stock price could appreciate) appears cheap, in our opinion. With the acquisition of Seragen, Ligand acquired more than just Ontak as the company has a significant patent portfolio. To market its product Simulect, Novartis has obtained a license from Seragen, and we believe that the remainder of the patent portfolio will result in additional royalty-bearing deals and revenues to Ligand/Seragen. Overall, we believe that Ligand has made a strong step forward in broadening its cancer franchise and patent portfolio through this acquisition of Seragen which has strong financial terms for Ligand that have limited downside as approximately 50% of the deal value is contingent upon approval of Ontak.

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