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

To: tuck who wrote (17918)	3/26/1998 1:20:00 PM
From: Henry Niman	Read Replies (3) \| Respond to of 32384

Tuck, LGND has quite a bit of technology left. In fact they have a knack for taking the same class of compounds, and licensing them out several times. Look at the SERMs. LGND initially had an osteoporosis deal with PFE. LGND picked Droloxifene and PFE asked them to pick another, so they chose CP-366,156 but they still received milestone payments (and future royalties on Droloxifene). Then they add osteoporosis to the women's health alliance with AHP and an IND on TSE424 should be announced any day now for treating osteoporosis. In addition to the 3 SERMs listed above, LGND now has latched onto another SERM, Evista (aka Raloxifene) via the LLY deal. They have done the same thing with the retinoid/rexinoids. They have a deal with LLY on Rexinoids, but they also get royalties for the same indications using the same class of compounds with their AGN deal. They targeted PPARs with GLX and now they have PPARs in the LLY deal. However, in addition to the above, LGND has much more technology. They have 100 targets and even each target has many applications. When Bear Stearns initiated coverage of LGND in 1995, they mention anti-androgens. They expected LGND to target prostate cancer, but license out the compounds for BPH and male pattern baldness. LGND has targeted cancer and osteoporosis with SERMs, but I expect a neurosciences deal targeting Alzheimer's with SERMs and that would most likely be with a new partner. I could go on and on, but it should be rather clear that LGND can (and will) do many more deals and still have much more to develop in house (including asthma with IL-4 and a variety of additional STATs programs).