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Biotech / Medical : Ligand (LGND) Breakout!
LGND 195.05-0.4%3:59 PM EST
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To: Henry Niman who wrote (24468)8/14/1998 8:29:00 AM
From: Mudcat  Read Replies (1) of 32384
 
<I think that there is some misunderstanding of LGND's options>

Here is Lgnd's option in Lilly deal:

The Company has the option to obtain selected rights to one Lilly
specialty pharmaceutical product. The product would fit into a
current area of strategic focus for the Company. Should the
Company elect to obtain selected rights to the product, Lilly
could receive milestones of up to $20 million in the Company
stock. In the event that the Company does not exercise this
product option during the first 90 days after the effective date
of the agreements, currently anticipated to occur one business
day following the closing of the exercise of the Stock Purchase
Option, the Company will sell an additional $20 million in equity
to Lilly at a 20% premium to the then market price, and the
Company will qualify for certain additional royalties of up to
1.5% on net sales of the Company's choice of Targretin (LGD1069),
ALRT268 (LGD1268) or ALRT324 (LGD1324).
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