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

To: Cheryl Galt who wrote (27023)	12/24/1998 4:09:00 PM
From: Cheryl Galt	Respond to of 32384

BW0028 DEC 24,1998 11:16 PACIFIC 14:16 EASTERN LIGAND-PHARMACEUTICALS)(LGND) Ligand Announces Filing of Class Action Lawsuit Business Editors & Health/Medical and Legal Writers SAN DIEGO--(BW HealthWire)--Dec. 24, 1998--Ligand Pharmaceuticals Incorporated (Nasdaq:LGND) today announced that an amended complaint has been filed by certain shareholders of Seragen, Inc. in the lawsuit against Seragen, its former directors, officers and certain investors in the Court of Chancery of the State of Delaware. The original complaint sought unsuccessfully to prevent the acquisition of Seragen by Ligand, which occurred on August 12, 1998. The lawsuit alleges self-dealing and a breach of fiduciary duties of disclosure, loyalty and care and purports to seek damages on behalf of a class of shareholders who purchased Seragen common stock during the period April 1992 through August 12, 1998. In addition, the lawsuit challenges the fairness of Ligand's acquisition of Seragen. The amended complaint also names Ligand and Knight Acquisition Corp., a wholly owned subsidiary of Ligand into which Seragen was merged, as defendants. The Company believes that the claims against it are without merit and intends to defend against the claims vigorously. This news release may contain certain forward-looking statements and actual results could differ materially from those described as a result of factors including, but not limited to, risks attendant to predicting the results of litigation. Ligand undertakes no obligation to update the statements contained in this press release after the date hereof. Ligand Pharmaceuticals' releases are available via fax at no charge by calling 888/329-9832 or on the World Wide Web at www.businesswire.com/cnn/lgnd.htm --30--SJK/la* WAM/la CONTACT: Ligand Pharmaceuticals Incorporated, San Diego Paul V. Maier, 619/550-7573 KEYWORD: CALIFORNIA DELAWARE INDUSTRY KEYWORD: MEDICINE PHARMACEUTICAL BIOTECHNOLOGY Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (0251)