Future growth stocks of 1997 Message Board

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Technology Stocks : Future growth stocks of 1997

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To: Alex Burns who wrote (128)	12/16/1996 3:59:00 PM
From: Henry Niman	of 391

Alex, ALRIZ was formed as an off-balance sheet funding arm for the retinoid research. I has one employee and pays LGND and AGN to do its research. It started with $100 million. LGND owns Targretin (AGN owns Tazarotene). LGND and/or AGN can buy back rights to Panretin. LGND and/or AGN can call all of ALRI (the stock of Allergan Ligand Retinoid Therapeutics and get back rights and intellectual property for all retinoids). The stock can be called between June, 1997 and June, 2000 for an escallating price that starts at about $22 per share and ends around $37 (the price doesn't start increasing until June 1998 and goes up quarterly). LGND and AGN share retinoid profits 50/50 (excluding Targretin and Tazarotene). Henry

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