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

To: Henry Niman who wrote (17572)	3/18/1998 9:06:00 AM
From: Arthur Radley	Read Replies (1) \| Respond to of 32384

I'm out of hibernation since I see on quote.com that the pre-open bid is jumping all around this morning. It was 16 5/8 but now down to 16.00. Does anyone have a better indication?

To: Henry Niman who wrote (17572)	3/18/1998 9:07:00 AM
From: Andrew H	Read Replies (1) \| Respond to of 32384

Hey, great news! Only 14 months after the CEO announced there would be a deal but better late than never. Nice to have it out of the way. Yet another partnership with a huge pharm. We still have the Panretin filing by the end of March!! Furthermore, they are paying over $18/share for LGND's stock with options to buy more at 20. Just another signal to the Street that LGNS is undervalued. Once more, a big pharm pays all the money while LGND sits back and collects.

To: Henry Niman who wrote (17572)	3/18/1998 9:07:00 AM
From: Webhead	Respond to of 32384

Preopen (9:03) LGND bid is 16 5/8 and LGNDW is 11 3/4 eehaa! 1). Will there be volume? 2). Will there be too much selling on news or has this sideways slide allowed enough turnover of weak hands? 3). What did Ligand have to give up for this deal? "Collaboration" is a bit vague! Ed

To: Henry Niman who wrote (17572)	3/18/1998 9:31:00 AM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Henry, Re: "We are very pleased to initiate this new collaboration in controlling obesity by affecting the leptin signalling pathway AND the expansion of our existing collaboration to include a third hematopoietic drug discovery target". Are we getting a twofer or is leptin a hematopoietic drug discovery target? Bernie

To: Henry Niman who wrote (17572)	3/18/1998 10:48:00 PM
From: SnowShredder	Read Replies (1) \| Respond to of 32384

Personally, I think the LGND did ok on this deal. The management are playing it safe because there is no guarantee that any of the products in pipeline are going to be approved. Even if the products get approved there is no guarantee that they will reach expectations in sales immediately (look @ Evista). I think they are hedging there bets, against a worst case scenario, none of the products that are supposed to make this stock profitable in the near term do this and LGND is still in the red. This deal is kinda like a guarantee (@ least for a little while) that they will have enough $$$$ to fund research and trials til they get into the green. I feel that once LGND becomes profitable new collaborations will stop and LGND will have all of the new cake to itself (How greedy :) (IMHO) Just so you know I'm biased...I'm long on LGND (>50% LGNDW...I'm a gambler). Henry, if they find a non obesity use for the leptin drug, does SBH retain the rights & LGND gets royalties, or does LGND gets the rights for that use? Go LGND, Where'd He Go?