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

To: Alper H.YUKSEL who wrote (16378)	3/4/1998 8:19:00 AM
From: Henry Niman	Respond to of 32384

Alper, LGND actually is moving down two tracks simultaneously. In its niche areas (cancer & women's health) it is moving compounds forward on its own, but in the largest markets (over $1 Billion each), it is relying on its partners. This year that second track should begin to show dividends and new compounds enter the clinic. Once the compound is in the clinic, the costs and resources are supplied by partners while LGND sits back and collects milestone and eventually royalty payments. PFE has Droloxifene and CP-366,156 in the clinic now (for osteoporosis), but AHP is supposed to file an IND for TSE424 this quarter (for osteoporosis) while GLX is slated for filing an LDL modulator and ABT is supposed to file an IND for a gluccocorticoid Receptor modulator this year. Similarly, LLY is supposed to enter Targretin into a US diabetes trial and file an IND for a second generation rexinoid (both this year). AGN should also be filing for an anti-rexinoid as well as a second generation rexinoid. These events will continue to expand and advance LGND's pipeline at little or no costs (they may have to be supplying the drugs in the case of rexinoids, but manufacturing costs are very low).

To: Alper H.YUKSEL who wrote (16378)	3/4/1998 8:48:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Alper, Although TA is not may area, it does seem that LGND's price is moving up rather steadily, without much resistance. It went through 15 1/4 yesterday and today the ask has been raised back to 15 3/8 before the open. The amount of upcoming good news is rather impressive, and right now it looks like retail is in the buying mode. With a potential for 4 NDA filings this year, the big boys have to be looking. When they come on board with both feet, I expect LGND to escape from the oscillating patten that it has been in for the past couple of years.