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

To: Andrew H who wrote (9837)	10/21/1997 2:34:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Here's today's WSJ Health Brief: The Wall Street Journal -- October 21, 1997 Health Brief -- LIGAND PHARMACEUTICALS INC.: Drug-Development Accord Is Set With Eli Lilly & Co. Ligand Pharmaceuticals Inc., San Diego, agreed to a drug-development collaboration with Eli Lilly & Co. that has a potential value of about $200 million to Ligand over eight years, Ligand said. The proposed pact covers Ligand's intra-cellulor receptor technology with possible product applications across many metabolic diseases, including diabetes, obesity, and cardiovascular diseases associated with insulin resistance and obesity. As part of the agreement, Lilly will pay $37.5 million, or $17.23 a share, to acquire a 4.7% Ligand stake. In Nasdaq Stock Market trading yesterday, Ligand shares rose 43.75 cents to $16.50. Ligand also said it would receive up to $49 million in research funds over five years, $12.5 million in upfront milestone fees and up to $75 million in additional payments over eight years assuming successful development of six compounds.