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

To: Henry Niman who wrote (22229)	6/14/1998 6:13:00 PM
From: Hippieslayer	Read Replies (1) \| Respond to of 32384

ALrt wasn't just some other company that LGND had been eyeing, Henry. It was initially formed by lgnd with allergan as a joint venture. Can you tell us the # of shares GLYC and alrt added to lgnd's float? And I don't know if anyone can yet tell if the buyout of GLYC was a good deal or not. It may be years before we know. What does remain to be true is that lgnd's success in the deal making has yet to reflect in share price. the pieces of the puzzle are coming together and hopefully we shall see how good a picture lgnd is in a year or so.....

To: Henry Niman who wrote (22229)	6/15/1998 2:02:00 AM
From: Spekulatius	Read Replies (1) \| Respond to of 32384

Henry - this explains a lot. But I still believe that issuing a lot of shares hurts the stock price and LGND has to do this in the near term future to fund its pipeline. What I like about a co. like VRTX is that they are sitting on a lot of cash (260M$)and thus have staying power even when the equity markets go down. The question, that's bugging me with LGND is what they will do to fund their pipeline, if the stock markets go down... Cash hungry co. usually go down in ' bad weather ' conditions a lot. In the worst case a cash rich big pharm cut buy up the co. or licence their pipeline for cheap. A wise cash management is crucial for an biotech. VRTX has just been lucky that they sold a lot of shares at a very high price... VRTX is also a co. with a system approach, as well as ISIP, LGND and AGPH and unlike Creative Biomolecules which somewhat reduces the risk. I'm following this thread for almost two years now - and look at LGND as an possible investment. I believe critical remarks are as important as positive ones - as long as we keep the emotional side away from this forum.