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

To: bob zagorin who wrote (22020)	6/9/1998 1:03:00 PM
From: Henry Niman	Respond to of 32384

very soon

To: bob zagorin who wrote (22020)	6/9/1998 1:05:00 PM
From: Henry Niman	Respond to of 32384

Paine Webber also had a few words to say about teh deal, although they didn't really give much info: On Friday, June 5, Astra announced that they are in discussions to restructure the Astra-Merck joint venture, with Astra potentially buying MRK's 50% share. Given Astra's strategic need to complete this transaction, we believe Merck could receive a significant premium for its 50% stake. KEY POINTS IMPLICATIONS FOR MERCK IF THE DEAL IS COMPLETED 1. STRATEGIC - This deal would have an impact similar to what occurred on the sale of the DuPont Merck JV. Accordingly, we would see a shift in earnings generated from operating income to financial income. As was the case with the DuPont Merck restructuring, the key question remains: what will MRK do with the cash? It is possible that the cash would be used for a major share buyback, an acquisition or to acquire rights to products.