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

To: J Stone who wrote (29097)	7/26/1999 8:26:00 PM
From: bob zagorin	Respond to of 32384

for those who care, murphy(CTSL) had some very complimentary things to say about the way LGND used their resources to pay off Seragen etc. "...With the stock this depressed, LGND took advantage of their standby arrangement with Elan plc and took down $40 million of the $100 million zero coupon convertible notes. These notes are to be used for acquisition and merger expenses, so Ligand used the cash to pay off the Seragen shareholders and also to clean up a smaller contingent payment related to the January acquisition of Marathon Biopharmaceuticals. The convertible note valued the stock at $14, a 27% premium, in contrast to the discount Isis took. Bravo, Ligand! It's a great cost of funds. We're continuing to recommend this stock, even in the teeth of a potentially broad market decline...."