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

To: Henry Niman who wrote (23466)	7/24/1998 5:02:00 PM
From: Peter Singleton	Read Replies (1) \| Respond to of 32384

ok, Henry, fair and judicious response ... <<Peter, I think that more details are required to compare deals (including how much effort AGN has to put into preclinical and clinical development, as well as the royalty rate). Moreover, LGND's deal with LLY coupled with WLA's Rezulin problems and SBH's new drug may have put some pressure on WLA. Don't forget, LGND had talked to WLA last summer and I believe that negotiations had progressed fairly far, but WLA didn't want to put up ant up front money. There is no equity mentioned in this deal, but there is no up front money either. LGND's need for cash is markedly different than AGN's.>>