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

To: Andreas Helke who wrote (24356)	8/10/1998 11:03:00 PM
From: Phil Cressman	Respond to of 32384

Lehman have a rather current estimate for Ligand. You'll find it on page 52 of the Seragen report for the special shareholders meeting. They come up with a value for Ligand stock on an Equity basis of between $12.66 and $23.38 and under a management case review of between $12.60 to $19.22. A very thorough review of Ligand was done in order to give an opinion that the merger/takeover was fair to Seragen shareholders. It is my opinion that Lehman used rather conservative figures to value Seragen in order to show a very good deal to shareholders. Ligand hasn't released details of their independant valuation of Seragen but you can bet it's much higher than Leman's estimate. Ligand was the only buyer and Seragen was in deep financial trouble so it was a buyers deal just about all the way. It was/is interesting to note that Lehman and the executives of Seragen opted to take their pay/bonuses out of the second payout/milestone on Ontac approval. Looks like they are 100 percent certain of a speedy approval.