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Biotech / Medical : Ligand (LGND) Breakout!
LGND 199.07-3.4%Nov 20 3:59 PM EST
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To: scaram(o)uche who wrote (22085)6/12/1998 5:23:00 PM
From: Andreas Helke  Read Replies (2) of 32384
 
I would say a major difference helping Agourons shareholder returns is that in contrast to Agouron Ligand was never really cheap. I did look at the 100 month charts and found the factor between highest and lowest prices was about 3 for Ligand but more than 30 (between $1.6 and $55) for Agouron.

As far as business plans go I think it is still too early to judge how good or bad Ligands plan really is. We need to see a few years of actual product introductions and sales to get a real idea of how well Ligands strategy works. They have two broadly applicable technology platforms namely STATS (signal tranducers and activators of transcription - this is the pathway that Amgens cytokines are using)and intracellular receptors for retinoids. These two technologies allow to play a major role in a very big part of the total biotech and pharma industry. They decided to develop as many of the potential applications as possible. This can only work if they engage in many partnerships to get the necessary funding. But Ligand keeps the right to use its compounds for cancer applications. Collecting small royalties for many broad applications in addition to using them for cancer themselves may end up to be quite a bit of money.

In exchange to the rights of using retinoids for metabolic diseases (a field where Ligand would not have been able to fund clinical development) Ligand got quite a bit of money and future royalties and in addition it got the product rights to Seragens Ontak that were held by Eli Lilly.

Andreas
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