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

To: TomOrt who wrote (21582)	5/31/1998 5:56:00 PM
From: tony	Respond to of 32384

Look for tuesday. These nea-sayers have pushed it below 14.

To: TomOrt who wrote (21582)	6/1/1998 7:05:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Here's more LGND news: Pharmaceuticals Inc., wholly owned merger subsidiary of the Issuer, and Seragen, Inc. ("Seragen") entered into an agreement and plan of reorganization under which it is proposed that Seragen become a wholly owned subsidiary of the Issuer. Pursuant to this proposed merger Seragen common shares will be converted into a right to receive Issuer common shares. Specifically, all the closing of the merger Seragen shareholders will receive 0.035746 Issuer common shares for each Seragen common share. Further, additional consideration (the "Milestone Consideration") of $0.23 per share of common shares of Seragen will be paid by the Issuer six months following FDA approval of Seragen's investigational product in the United States for cutaneous T-cell lymphoma if such approval is supported to any material extent by clinical and development efforts of Seragen prior to the consummation of the merger. The Milestone Consideration will, however, only be payable by the Issuer if the required FDA approval is obtained within two years of the merger closing. The Issuer may in its discretion pay the Milestone Consideration in the form of cash or Issuer common shares or a combination thereof. Any stock delivered as part of the Milestone Consideration will be valued on a trailing average market price for the ten tranding days prior to issuance. Item 7. Material to be Filed as Exhibits: Third Amendment to option and wholesale purchase agreement. Letter agreement. ISSUER: Ligand Pharmaceuticals Inc. of Hopkinton, MA SHARES OWNED: 2176279 PERCENTAGE OWNED: 5.60 SEC DATE: 05/29/98 FILING DATE: 05/22/98 EVENT DATE: 05/11/98