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

To: Hippieslayer who wrote (22230)	6/14/1998 6:45:00 PM
From: Henry Niman	Read Replies (3) \| Respond to of 32384

FUGAZI, Off the top of my head, I think that the GLYC buyout involved about 6 million shares and ALRT was close to 4 million, not counting the 3.2 million LGNDW (which were not included in the 38 million outstanding shares). I believe that GLYC was acquired primarily for its $60 million bank account. The ALRT buy back involved most of the retinoid/rexinoid technology (which was developed with a $100 million bank account provided by AGN and LGND) which was parlayed into the $200 million LLY deal which involved about another 3-4 million shares. At this time, LGND has no real products. Their income comes from deals that involve equity positions. They use these funds to create the tremendous pipeline that is listed at home.att.net LGND is not your run of the mill Biotech with one or two products, one or two advanced trials, or a technology that has yet to be developed. They are much more than that, and the street has trouble valuing such a unique company. I suspect that many of the posters and readers on this board have even more difficulty. Some think that a "high risk" rating by a major brokerage firm is unexpected. Others think that the pipeline somehow magically appears. Others just keep digging and show how little they actually know about Biotechs in general and LGND in particular. A select few just try to disrupt, here, there, and everywhere.