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

To: Robert L. Ray who wrote (23261)	7/16/1998 6:40:00 AM
From: Henry Niman	Respond to of 32384

Robert, I have to do some checking, but I don't think that it is that hard to come up with the cost basis. Some of the shares were bought when LGND went public in 1992. The class A shares (LGNDA) were priced at $11 which would be $8.84 for LGND (LGNDA converted into 1.33 LGND). As I recall, the IPO ended up being about 4.3 million shares and AGN and GLX each bought about 1/2 million shares. At the time of the IPO, there was about 7.5 million class A shares and AGN would have had a small portion of that class (part of that amount would have been held by PFE, GLX, and venture capitalists and employees). When ALRT was formed and AGN bought another $6 million worth of stock, LGND was in the $10 range I believe. I'm guessing at AGN's cost is in the $8-$10 range so the $5.5 million gain could represent about 1 million shares.

To: Robert L. Ray who wrote (23261)	7/16/1998 7:44:00 AM
From: Henry Niman	Respond to of 32384

The $6 million worth of LGND associated with the formation of ALRT cost AGN $6.03 (not the $10 that I was guesing at earlier this morning). I think that this is the cheapest price and this may have been the stock sold, so the amount sold to generate a $5.5 million pretax profit may have been a bit less than 1 million shares: Allergan Pharmaceuticals (Ireland) Ltd. Inc., a consolidated subsidiary of Allergan Inc., will acquire an additional $6.0 million of Ligand Common Stock at $6.03 per share, a price equal to the average closing price for the 10 trading days ended Friday, June 2, the last trading day of the Rights. Ligand will use the proceeds of such sale to fund a portion of the Ligand cash contribution.

To: Robert L. Ray who wrote (23261)	7/16/1998 8:02:00 AM
From: Henry Niman	Respond to of 32384

Actually, it was right after the AGN buy at $6 in June, 1995 that LGND moved to $10.

To: Robert L. Ray who wrote (23261)	7/16/1998 8:25:00 AM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Robert, Any holder of more than 5% of any class of a company's securities is required by the SEC to report any transactions in those shares by the tenth day of the month following the month in which they made the transaction. Farallon has failed to report anything lately by claiming they no longer own 5% of LGND stock. But they own or owned 5% of the warrants & theoretically are obligated to report as long as that holds true. Here we have an instance of Allergan refusing to comply with the SEC regulation. Someone who knows how to contact the SEC might want to bring this to their attention.

To: Robert L. Ray who wrote (23261)	7/19/1998 12:06:00 AM
From: Robert L. Ray	Respond to of 32384

Been doing a little LGND net surfing this evening. Unfortunatly I didn't come up with anything noteworthy. I found a couple of nice pic's of LGND facilities at.... mbarch.com dprinc.com But I suppose most who have been shareholders a while have seen them in annual reports and such. I haven't been a shareholder for all that long so personally I was a little curious what some of their facilities looked like. They have some great looking buildings. Now all we need is some great selling products :) Hey am I alone in not knowing what a vivarium is? It was mentioned in the writeup of one of the buildings. I had to look it up. I've been investing in bio's for years and hadn't heard the term before.