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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: WTDEC who wrote (29004)	6/29/1999 2:50:00 PM
From: Henry Niman	Respond to of 32384

Walter, It sounds like LGND should be issuing a press release. If its the largest nuclear receptor program anywhere, it should be quite large. I suspect that it refers to the STATs program, because if it included IRs, it would have to be bigger than the SERM and PPAR programs, which are huge. LGND has always been grossly underfunded, and a cash infusion to target STATs would be useful, and if its the largest program anywhere, then it would have to be bigger than the SBH program as well as several programs at MLNM. The "buyout" or "buyin" may very well move LGND into the "profitable" category" this year, but I suspect that it wasn't on the chart Robinson was discussing yesterday.

To: WTDEC who wrote (29004)	6/29/1999 11:13:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

Walter, I just heard the tape of Blair's remarks. He was commenting on identification of new targets and mentioned that they would be funding Ron Evan's group for basic research in the orphan nuclear receptor area, with the expectation that LGND would then develop the most promising candidates. This of course would translate into an off balance sheet, somewhat akin to the joint venture between LGND and AGN, which was an off balance sheet R&D program. $25 Million will be given to Ron Evans followed by LGND taking on the nuclear hormone receptors of most interest, which of course is the IR technology, and not the STAT technology, which I had speculated about before I heard the tape.