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

To: Henry Niman who wrote (13981)	1/30/1998 7:02:00 PM
From: Henry Niman	Respond to of 32384

SmithKline Beecham, American Home Pdts End Merger Talks PHILADELPHIA (Dow Jones)--SmithKline Beecham PLC (SBH) and Glaxo Wellcome PLC (GLX) entered merger talks just as SmithKline and American Home Products Corp. (AHP) ended their own discussions to combine. In a press releases Friday, SmithKline said the proposed merger with Glaxo would create the largest drug company in the world. The new firm would be based in the U.K. Glaxo would hold 59.5% of the post-merger company, with SmithKline holding 40.5%. SmithKline said the proposed merger with Glaxo is a "compelling strategic opportunity" for both companies to boost their market position and increase shareholder value. Among the benefits touted by SmithKline are the formation of the largest research and development organization in the drug industry. The board of the new company would come from both companies' boards. Sir Richard Sykes of Glaxo would be executive chairman and Jan Leschly of SmithKline would be chief executive and chairman of the executive management committee. John Coombe and Robert Ingram of Glaxo and Jean-Pierre Garnier of SmithKline would join Sykes and Leschly as executive directors. SmithKline didn't provide more information, saying "a further announcement will be made as soon as practicable."