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

To: WTDEC who wrote (17284)	3/12/1998 10:24:00 AM
From: celeryroot.com	Read Replies (1) \| Respond to of 32384

Walter, when I read the release I assumed that Ligand would pay up to $20mil via royalties..at which point Ligand would own free and clear. I suspect it is spelled out in the SEC filing , maybe I will rest my eyes and prepare to search for this weekend.

To: WTDEC who wrote (17284)	3/12/1998 11:11:00 AM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

WTDEC, Re: If LGND selects a compound, what will they have to give LLY? IF LGND does select a compound, they will be obligated to pay LLY "milestones of up to $20 million" in LGND stock { as well as royalties of approximately 10 % }. . IMO, the amount of stock due to LLY will be determined based on the same formula that LLY would have used to buy stock from LGND, as of the original expiration date, EXCEPT that LGND will not have to pay LLY a 20% premium . Hope this answers the question. Bernie