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

To: CYBERKEN who wrote (20951)	5/16/1998 11:06:00 PM
From: Machaon	Read Replies (1) \| Respond to of 32384

By the way, the ASCO meeting is being covered, on a daily basis, at Medscape: medscape.com

To: CYBERKEN who wrote (20951)	5/17/1998 7:07:00 AM
From: Henry Niman	Respond to of 32384

Cyberken, The about 0.36 shares is just a rounding function. The conversion rate on these shares has already been determined (it based on LGND being worth $13.99). The second payment comes only if ONTAK is approved. Shorts could depress LGND's price, but then LGND could use cash instead of stock for the final payment. The second payment is based on LGND's price 6 months after FDA approval of ONTAK, and I expect LGND's price to be considerably higher by then. In effect, SRGN shareholders get a very small premium now and a somewhat large one if ONTAK is approved.