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

To: Curtis Monnig who wrote (23462)	7/23/1998 9:02:00 PM
From: Peter Singleton	Read Replies (1) \| Respond to of 32384

<< Under the terms of the agreement, Parke-Davis receives exclusive, worldwide development and commercialization rights for up to two RXR subtype selective retinoid preclinical lead compounds identified through the joint efforts of the two companies. In exchange, Allergan will have the opportunity to receive up to $104 million in technology access fees and development milestones, assuming successful development of both lead compounds. Allergan will also be entitled to royalties on net sales of developed products, depending on actual lead compound selection and sales results. Allergan has retained the right to co-promote the second successfully developed compound. >> hmmm .... two pre-clinical RXR compounds, diabetes indication. That's it. $104M cash - not stock - in technology access fees and development milestones. LGND's LLY deal doesn't look so good stacked up against this.

To: Curtis Monnig who wrote (23462)	7/24/1998 12:18:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Curtis, Thanks for the heads up. I've been out of tow and there hasn't been much attention given to LGND related news. WLA had negotiated quite a bit with LGND and when LGND and AGN went their separate ways I had said that the LGND negotiations on the diabetes front may have laid the groundwork for an AGN deal. Looks like that is just what happened.