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

To: celeryroot.com who wrote (20766)	5/14/1998 1:58:00 PM
From: bluejeans	Read Replies (1) \| Respond to of 32384

we just had one of those big boy sell / big boy buy / swap things and Ligand did the uptick thing.:> ps. celeryroot, one of the articles posted on the SRGN deal discussed the terms that were mentioned in the previous post. Bob

To: celeryroot.com who wrote (20766)	5/14/1998 2:42:00 PM
From: Phil Cressman	Read Replies (1) \| Respond to of 32384

Celeryroot, Info on LGND/SRGN deal and payout is readily available all I did was take into account upside/downside risk at current 50cent trading price of SRGN and feel that for the time frame involved the return on investment will be in excess of 40%. For example pay 50 cents and get this in LGND stock @ fixed valuation of$14.00 (60 - 90 days) then IF NDA is received for SRGN's compound LGND will pay another 23cents in either stock or cash at LGND'S option, SRGN has up to two years for NDA but everyone feels this will be a slam dunk perhaps by 4th quarter. IF LGND moves up in next two months you will obviously benefit by holding SRGN because you're being paid in $14 stock. My honest feeling is that all of investment at 50cents will be returned within 60 to 90 days and payoff is then when NDA comes. Please let me know if you feel I've missed any key factor. Remember any investment carries some risks but in this case it seems it's just the cost of tying up dollars for a few months.