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Biotech / Medical : Ligand Pharmaceuticals (LGND)
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To: Chucky who wrote ()5/9/1996 8:52:00 AM
From: Henry Niman   of 16
 
SAN DIEGO, May 7 (Reuter) - Ligand Pharmaceuticals Inc said it elected to have its next two milestone payments from Pfizer Inc <PFE.N> paid in Ligand stock that is currently held by Pfizer.
The first two milestones will amount to 101,009 shares of Ligand stock at a price of $12.375 per share. Ligand says it plans to retire the stock.
The company has earned the first milestone, and under terms of a recently settled lawsuit was deemed to have earned the second, payable by May 7. It could qualify for a third payment on September 1 if droloxifene remains under development for osteoporosis and other indications besides breast cancer.
Droloxifene is a compound Pfizer licensed from Germany's Klings Pharmaceuticals.
Ligand and Pfizer in 1991 entered a strategic alliance to apply Ligand's intracellular receptor technology to the pursuit of drugs for the treatment of osteoporosis.
Pfizer currently holds 1,353,100 shares of Ligand common stock and under previously arranged terms, either company may arrange to have the milestone payments made in stock.
"We are pleased at the prospect of retiring over 100,000 shares this year and hope that, if these compounds progress through clinical and commercial development, we will be able to continue to retire substantial additional shares," Paul Maier, Ligand chief financial officer said in a statement.
17:26 05-07-96
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