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

To: Torben Noerup Nielsen who wrote (15600)	2/22/1998 10:46:00 AM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Torben, >> it would be worth almost $2,000 per share << If it would only do this before 6/3/00, there would be one heck of a return on those warrants you bought so close to the bottom. Let's see; $2,000 less $6.00 warrant cost & also less $7.12 to LGND as a conversion premium equals $1986.88 long term profit. But of course, to be fair, we might have to also subtract an amount equal to the time value of tying up the $6.00 for almost 2 1/2 years. Even after that deduction, the return is still better than one could have earned in the bank for the same period of time. Bernie.

To: Torben Noerup Nielsen who wrote (15600)	2/22/1998 12:01:00 PM
From: Hippieslayer	Read Replies (2) \| Respond to of 32384

Torben, Very well thought out response. Looks like little bobbie needs to brush up on his annual report reading. Sorry Bob, looks like the tables have turned where someone has to correct you.:-) As much as he might want LGND to become a powerhouse Pharma like LLY, I think LGND's niche will most likely be two pronged. One: in house development and testing of certain molecules that ligand finds most promising to fulfill their own goals. And 2) seeding out other promising molecules to Big Pharmas for collaborative agreements. Whether or not this is correct will only be discovered once Ligand has a couple drugs out on the market-which means possibly another year or two. Again, thank you for putting a more appropriate focus on where Ligand is most likely headed. Fugazi Ligand. PS, be careful of people who try to use the price of one company's stock to justify the theoretical and future value of another corps stock price. It's pure conjecture that has no basis for discussion.

To: Torben Noerup Nielsen who wrote (15600)	2/23/1998 11:45:00 AM
From: Machaon	Respond to of 32384

<< Looking at the deals they have made and reading their annual report, I get the impression that a full-blown drug company is not what they aim to be. Neither would this be necessary for the shares to be worth a great deal of money. >> Thanks for your note. I didn't view LGND as always depending upon royalties and milestones. I was considering that LGND, once they had a significant revenue stream, would no longer depend so much on major alliances and would fund their own research and products. Your comment about LGND's shares being worth a lot of money, without them becoming a full-blown drug company, is a significant point to ponder! << My preference would be for LGND to remain as a research powerhouse that licences a lot of their products to the large drug companies at an early stage. >> I'm sure that I missed this point while reading thru the heaps of notes here, but this is the first time that I have thought of this being LGND's long range plans. I didn't feel that LGND could continue to make the big bucks based on milestone and royalty payments, only, and they would need to grow, at least partially, into an independent drug company. << And competing directly with them may not lead to the optimal return for shareholders. >> I guess it will depend upon the drugs that LGND develops in the future. I have to admit, though, that this isn't my area of expertise and I have a lot to learn. Torben, I really appreciate your evaluation of the direction of LGND, and your refutation of my comparison between LGND and LLY, which I have to admit was stretching things a bit!. <g> Regards, Bob