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

To: RXGOLF who wrote (24584)	8/16/1998 10:30:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Greg, When I talked to LGND on Aug 4, I definitely had the distinct impression that they were out and about, doing deals. I did get a record number of E-Mails this weekend, both in support due to LGND's depressed price, as well as interest in buying more and interesting activity. Of course LGND is extremely cheap now, and their pipeline and partners continue to expand. I think that the milestone payments and new deals will improve LGND's balance sheet significantly. I do have a call into LGND to get a better read on the conflicting statements in the 10-Q and equity activity.

To: RXGOLF who wrote (24584)	8/17/1998 7:35:00 AM
From: Henry Niman	Respond to of 32384

Looks like LGND isn't the only company that is "out and about". Reports of a GLX/SBH merger are again beginning to surface: Message 5513402

To: RXGOLF who wrote (24584)	8/17/1998 10:08:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

CNBC has also mentioned the GLX/SBH rumor (the queen wants it to happen and Leschly seems to be the major roadblock). Stories linked to the SBH/GLX merger table at home.att.net

To: RXGOLF who wrote (24584)	8/18/1998 7:07:00 AM
From: Henry Niman	Respond to of 32384

Merger talk about SBH and GLX has moved those stocks: U.K. Drug Makers' Shares Rally Shares in two of the biggest players in the British pharmaceutical industry rallied on renewed speculation that a big merger could be on the way. Glaxo Wellcome's shares gained 2.2% and Smith-Kline Beecham's stock advanced 1.3% on London press reports that a linkup between the industry titans is a sure bet. However those same reports cited industry sources as saying that any such betrothal is likely to be kept on hold until Smith-Kline's chief executive, Jan Leschly, leaves his post. Mr. Leschly repeatedly has said that he's not going anywhere.

To: RXGOLF who wrote (24584)	8/18/1998 9:12:00 AM
From: Henry Niman	Respond to of 32384

CNBC just put out a report on Lehman Bros analysis of AHP & Premarin. FDA denied second Premarin label(for cardiovascular), which was viewed as a minus for AHP. May also cause a knee jerk reaction for LLY & Evista.

To: RXGOLF who wrote (24584)	8/18/1998 9:37:00 AM
From: Henry Niman	Read Replies (5) \| Respond to of 32384

Bear Stearns just reiterated its BUY (highest rating) on LGND today. They did note that "...the precipitous drop in Ligand's price suggests that there has been a negative fundamental change in the company for which we can find no evidence. Regulatory and clinical activities for Ligand's products continue on schedule, and we continue to believe that the company could reach profitability in 1999 on the heels of two oncology product launches. Based on this positive fundamental outlook, we continue to rate Ligand's shares at Buy and would recommend investors seriously examine the upside potential of this stock." They maintain the $0.09 profit for next year. 3Q is revised to a loss of $0.21 (was a loss of $0.10) and 4Q is revised to a loss of $0.02 from a gain of $0.03. For the year the loss is revised to $1.05 from $0.89. Second half highlights: Potential Panretin Topical approval - Nov Potential ONTAK approval - Dec LLY developmental decision on Targretin & RXRs - Dec Outlicense of non-US and non-European rights Other collaborations