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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: George the Greek who wrote (754)	12/8/1999 8:38:00 PM
From: William Partmann	Read Replies (2) \| Respond to of 10345

Ligand to pay $5 mln in stock to Elan SAN DIEGO, Dec. 8 (Reuters) - Ligand Pharmaceuticals Inc. said on Wednesday it will pay Irish pharmaceutical group Elan Corp. Plc (NYSE:ELN - news) $5 million in Ligand common stock for the completion of patient enrollment in Phase III studies of Morphelan, an oral dosage form of morphine. San Diego-based Ligand said it will issue 498,443 shares at a per share price of $10.03, which is equivalent to the average closing price of its stock for the five days prior to the notice from Elan. After the issuance, Elan and its affiliates will own about 5.7 percent of Ligand's common stock, or 16.6 percent on a fully diluted basis, Ligand said. In November 1998, Elan exclusively licensed to Ligand in the United States and Canada its proprietary product Morphelan for pain in cancer and HIV patients in exchange for certain up-front license fees and milestones upon the occurrence of certain events. Elan is expected to file a new drug application for Morphelan in the United States in the next several months and Ligand said it expects to launch the product in 2001.