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

To: HerbertOtto who wrote (20498)	5/11/1998 10:01:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Here's what Bloomberg had to say: Ligand to Buy Seragen for $30 Million in Cash and Stock Bloomberg News May 11, 1998, 5:15 p.m. PT Ligand to Buy Seragen for $30 Million in Cash and Stock San Diego, May 11 (Bloomberg) -- Ligand Pharmaceuticals Inc. has agreed to buy Seragen Inc. for $30 million in cash and stock, a move that will give the company rights to the cancer drug Ontak. Ligand, a San Diego-based drug maker, will pay $4 million in cash and $26 million in stock, or about 1.89 million shares at $13.99 a share, the company said. Ligand also signed an agreement with Eli Lilly & Co. that would give it the complete rights to Ontak, which were previously held by Seragen and Eli Lilly, after the purchase is complete. Ligand may also pay an additional $37 million in cash or stock to Seragen after Ontak, which is used to treat cutaneous T- cell lymphoma, receives approval from the Food and Drug Administration. That payment won't be made if the drug isn't approved within two years of closing. If the $37 million payment is made, Ligand will have paid a 49 percent premium over Seragen's closing price Monday. Seragen closed at 49 cents today. Ligand may pay Lilly $10 million if the drug meets certain goals, which weren't specified, the company said. --Wes Conard in the Princeton newsroom (609) 279-41