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

To: Henry Niman who wrote (19098)	4/15/1998 11:34:00 AM
From: Mudcat	Read Replies (3) \| Respond to of 32384

Henry: I was reading Ligands 10K Report and portions of the Lilly deal and had a question. It mentions Ligand Systematic products and defines this as 1.27 "LIGAND SYSTEMIC PRODUCT" shall mean any product sold or marketed by or on behalf of Ligand or any Ligand Affiliate or sublicensee for use outside the Field which contains Targretin and is intended for Systemic Administration. I'm not sure what this definition means. Does outside the field which contains Targretin mean Panretin or other Lgnd compounds or does it mean uses of Targretin outside the Lilly agreement? The reason I'm asking because Ligand has an option in the Lily deal (para 4.4) for Lilly to distribute all Ligand Systematic products for a royalty based on net sales. Does this mean Ligand doesn't have to develop a sales and distribution force for its products?

To: Henry Niman who wrote (19098)	4/15/1998 7:51:00 PM
From: Machaon	Read Replies (4) \| Respond to of 32384

Henry, you do realize that you will never get peace of mind, on this thread? I can picture it all now. It's about 20 months from now. LGND is at $76, but is bouncing up and down between $71 and $76. Tonyt will be saying, "LGND is so predictable, it goes from $71 to $76. Buy at $71, sell at $76! Buy at ..... Oppppps! Hmmmm. LGND just announced another NDA. Let me check the ticker. Opppps! I mean, buy at $81 sell at $86. LGND is so predictable!" On a side note: Quite a few biotechs are getting choppy lately. There seems to be an increase in "wide swings". I wonder if the market is reacting to the fact that we are 900 posts away from Walter's post # 20,000 prediction!? Regards, Bob