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

To: celeryroot.com who wrote (17353)	3/12/1998 7:27:00 PM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Celeryroot, Thanks for publishing the contract info. It surely destroys my assumption of what the deal terms were. Hopefully, you , Walter, & the others, known & hidden, will forgive the patently incorrect guess.

To: celeryroot.com who wrote (17353)	3/12/1998 8:02:00 PM
From: WTDEC	Respond to of 32384

Celeryroot, thanks for posting the terms of the option with LLY. I see there is no premium or discount to the stock's market value if the drug route is selected. However, since the dates of the various events (except for the cash election) determine the period upon which the value of the stock is based, it seems reasonable to think the extension of the option would also extend the February 27 date which drives valuation in the event LGND elects the cash option. If this is indeed the case, I think it is a nice plus for LGND stockholders assuming LGND's market value rises over time. A higher market value means fewer shares issued and less dilution. Regards, Walter