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

To: aknahow who wrote (25857)	9/29/1998 5:03:00 PM
From: JOEBT1	Read Replies (1) \| Respond to of 32384

George--My expectation is that LGND will sell for much higher prices at some time in the future (H&Q had a target of 25 for '99)-- therefore selling 20M at 11.6; 30M at 14; and possibly another 80M at 14 to 20 through conversion is clearly dilutive if the stock price reaches 25. At any rate they probably had to make a deal given their burn rate and Seragen but then why the statement at Bear Stearns. In respond to another poster, Atkins left about 2 weeks ago according to what I was told.

To: aknahow who wrote (25857)	9/29/1998 7:22:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

Bear Stearns reiterated a BUY this afternoon and offered some hints on a BUYOUT. Here's the summary of the reiterated BUY: LGND: Ligand Enters into Significant Strategic Alliance with Elan Bear Stearns & Co. Inc. D Molowa,E Lovell September 29, 1998 David T. Molowa, Ph.D. (212) 272-2722 9/29/98 Ethan T. Lovell (212) 272-9098 Alan P. Meyers (212) 272-6637 Subject: Company Update Industry: Biotechnology BEAR, STEARNS & CO. INC. Ligand Pharmaceuticals (LGND - 11 «) - Buy Ligand Enters into Significant Strategic Alliance with Elan _________________________________________________________________ * Deal provides near-term financing ($50 million) to commercialize first two products and comfortably fund the operations of the company. * Deal provides access to capital ($80 million) for opportunistic in-licensing/acquisition activity. *** Ligand acquires rights to a Phase III product that could be launched in 2000. _________________________________________________________________