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

To: bob smith who wrote (14019)	1/31/1998 9:16:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

Yes, it does seem that the 'peanutbutter' days are upon us.

To: bob smith who wrote (14019)	2/1/1998 6:09:00 AM
From: Henry Niman	Respond to of 32384

bob, I think that the articles on mergers will come fast an furious. Here's whar Dow Jones had to say abour PNU activity. Monday's Barron's has two article suggesting that they are talks with AHP. Here's an earlier article: Pharmacia & Upjohn Shrs Up 5% On Takeover Talk By Jennifer Fron Mauer NEW YORK (Dow Jones)--Shares of Pharmacia & Upjohn Inc. (PNU) rose more than 6% Friday amid talk that it could be a takeover target. NYSE-listed shares of Pharmacia & Upjohn were up 2 1/4, or 6.1%, at 39 on composite volume of 4 million shares, compared with average daily volume of 1.4 million. Analysts said the confirmation of merger discussions between American Home Products Corp. (AHP) and Smithkline Beecham PLC earlier this month has sparked much speculation that there would be further consolidation in the industry. Analysts who follow the pharmaceutical industry, however, don't think Pharmacia & UpJohn would be a smart buy for anyone. The company is still struggling with the 1995 merger that created the company. The union of Upjohn Co. of the U.S. and Sweden's Pharmacia AB begat a myriad problems: restructuring charges exceeded original projections; sales growth has languished below the industry average; and cultural friction between the company's Swedish, American and Italian factions have caused the departure of several key people. Last year, Chairman Jan Ekberg and Chief Executive John Zabriskie both resigned. Pharmacia & UpJohn is now headed by former American Home Products executive Fred Hassan, who many hope will turn the company around. But Pharmacia & UpJohn won't be in shape to buy for another year or two, said David Saks, an analyst at Gruntal & Co. Meanwhile, rumors continue to swirl around American Home Products and SmithKline Beecham. Several traders have said they hear the two are close to announcing at least a preliminary deal that would value American Home Products at 112 to 120 a share. American Home Products shares were trading recently at 95 7/16. -Jennifer Fron Mauer; 201-938-5287; jennifer-fron.mauer@cor.dowjones.com