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Biotech / Medical : Ligand Pharmaceuticals (LGND)
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To: Chucky who wrote ()5/9/1996 8:51:00 AM
From: Henry Niman   of 16
 
In a rather unusual move for a 2nd tier Biotech, LGND has told one of it's Strategic Alliance partners, PFE, to keep the money and give LGND back their shares. Usually Biotechs are starved for cash and they will try to get it from a wide range of sources, especially the public or Alliance Partners. In the past LGND has used several routes to raise cash including selling stock to partners such as PFE. Today's announcement seems to point LGND in a new direction. It also affirms LGND's belief that their current stock price (they set an all time high this morning and closed at their all time high closing price, which was set yesterday) is not a fluke, and they would rather retire some of their stock (at 12 3/8 per share) than collect the cash. In the past year LGND has increased its bank account by acquiring GLYC and creating a new company, ALRIZ. Although analysts predict that LGND will do a secondary offering before cash begins to flow from products, it seems that LGND would rather do such a sale at a markedly higher price per share.
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