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

To: celeryroot.com who wrote (15740)	2/23/1998 11:56:00 PM
From: Henry Niman	Respond to of 32384

Michael, LGND has said that resuults would be released this year, but the release is now somewhat dependent on LLY, since they will be doing the US diabetes trials.

To: celeryroot.com who wrote (15740)	2/24/1998 12:13:00 AM
From: Henry Niman	Respond to of 32384

Here's what the FT has to say: Merger founders: SmithKline calls off œ100bn Glaxo deal TUESDAY FEBRUARY 24 1998 By Daniel B”gler in New York Glaxo Wellcome and SmithKline Beecham last night called off their œ100bn merger after failing to agree on the roles of senior executives in the new company. SmithKline Beecham said that although the two companies had held "detailed, documented" discussions about the roles of the five top executive directors before announcing their merger talks at the end of January, on February 20 Glaxo Wellcome "indicated that it was not prepared to proceed on the agreed basis". The five executives concerned are Sir Richard Sykes, Glaxo's executive chairman, and Jan Leschly, SmithKline's chief executive - who would have taken those roles in the enlarged group - as well as John Coombe, Glaxo's finance director, Bob Ingram, its new chief executive, and Jean- Pierre Garnier, SmithKline's head of pharmaceuticals. SmithKline's statement continued: "The discussions since February 20, have revealed a number of differences between the companies, including differences in the approach to the possible merger, management philosophy and corporate culture. "Most importantly, Glaxo Wellcome's recent conduct of these discussions has inevitably strained relations between these two companies." As a result, the group said its board had reached the view that insurmountable differences had arisen which would undermine the management of the merged group and impair its ability to deliver the creation of shareholder value fundamental to the merger. SmithKline emphasised last night that its board unanimously decided not to proceed with the merger discussions, despite their awareness of the substantial increases in the market capitalisations of the companies since the talks were announced on 30 January. Glaxo Wellcome merely said that, despite the strategic logic behind the merger, the two companies had been unable to agree on terms. The merger would have been the largest in corporate history, creating the world's biggest pharmaceuticals company. The two companies' combined sales this year are expected to be $28bn (œ16.7bn) and they account for almost 10 per cent of the global prescription medicine market. Between them, the two employ 110,000 people worldwide. When the planned merger was announced, Smithkline said that a "significant benefit would be the formation of the largest research and development organisation in the global healthcare industry".