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Biotech / Medical : Ligand Pharmaceuticals (LGND)

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To: Howard Frederick who wrote (8)	5/10/1996 9:38:00 PM
From: Henry Niman	of 16

Howard, LGND is great for a long term play. I hope LGND includes the Bear Stearn report of last spring. It is the most detailed and makes a number of projections. In the year 2001 they project over $400 million in revenues which would really fuel development of LGND's extensive pipeline. LGND's biggest revenues will come from drugs developed in house. The most advanced drug LGND has developed thus far is topical ALRT1057. It is in phase III for Kaposi's sarcoma. More news should come out at the ASCO meeting on May 20. ALRT1057 is the first compound projected to be sold by LGND (possibly by late 1997 but most likely sometime in 1998). When they acquired GLYC they also obtained Galardin. It has completed phase III for eye problems, but LGND is looking for a partner to market it (maybe AGN?). They have settle the Droloxifene suit with PFE. LGND gets milestone and royalty payments for breast cancer or any other indication (the rate goes up if it is sold for more than breast cancer). It is in phase III for breast cancer and phase II for osteoporosis. LGND has also in-licnced Aldesleukin (IL-2) from CHIR for sale in Canada to treat kidnet cancer. However, it could also generate Canadian revenue for off label treatment of HIV posiitive individuals. LGND has also in-licensed PHOTOFRIN from QLTIF for sale in Canada. It has been approved there for bladder and esophageal cancer, but it has been approved elsewhere for other malignacies such as lung cancer and Canadian approval is expected. The Aldesleukin license is for 5 years. PHOTOFIN is 10 years. LGND has oral and topical ALRT1057 and LG1069 in phase II trials for a variety of malignancies and they have also started a psoriasis trial for ALRT1057. Henry N Fox Chapel

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