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

To: Machaon who wrote (24445)	8/13/1998 1:38:00 PM
From: growthvalue	Read Replies (3) \| Respond to of 32384

It's pretty much a foregone conclusion that the FDA is going to approve Ontak. I've never heard of a unanimous advisory panel being overturned. I haven't done a present value calculation for ONTAK, but I will say that I think the market had already priced an ONTAK approval into SRGN's stock, with only maybe a small risk discount that the drug would not get approved. I say this because the market was clearly not particularly surprised when the advisory panel recommended ONTAK. If I recall correctly, LGND went down that day. However, that could be related to the market's opinion of the price LGND was paying (which was contingent on an approval recommendation. I don't recall how Seragen reacted, though.