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

To: Michael Massimilla who wrote (15756)	2/24/1998 12:32:00 AM
From: Flagrante Delictu	Respond to of 32384

Michael, >> Targretin ph2 trials in Europe << Nice to hear from you again. I suspect that LGND is saving the news for the right moment, whether that's at a scientific presentation or scientific publication or otherwise, or even, whether LLY has a hand in the release timing is currently unclear. Henry might have a better input on this. Bernie

To: Michael Massimilla who wrote (15756)	2/24/1998 6:09:00 AM
From: Henry Niman	Respond to of 32384

Speaking of Europe, CNBC just gave an update on the reaction to the failed merger. FTSE fell 117 points at the open. GLX fell 16% and SBH fell 12%. SBH blamed GLX for not living up to agreement. SBH was expected to look for another partner which wouldn't be AHP. Leading candidates are SGP, ZEN, or Astra. In Germany, Bayer and Hooks were up, as was the Paris stock exchange. After the open, the FTSE trimmed more than 1/2 of its initial loss. In the US 25 points are expected to be take off the Dow. MRK is down 1 5/8 in European trading, while PFE and LLY are off 5/8.

To: Michael Massimilla who wrote (15756)	2/24/1998 6:29:00 AM
From: Henry Niman	Respond to of 32384

CNBC just had Arvind Desai on. He indicated that egos broke deal. Both sides had strong personalities and management styles and culture clashes came into play. He thought that GLX and SBH could still compete with MRK and PFE since the independent companies were strong from prior mergers (SBH with Beecham and GLX with Wellcome). He thought that merger talks would have marginal effect on sector, but SBH would have a hard time talking to new potential partners because of track record in recent negotiations. He thought that GLX would have an easier time at initiating new talks with someone else.