Ligand Pharmaceuticals Completes Dividend Distribution.SAN DIEGO -- Ligand Pharmaceuticals Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LGND LGND Luminance Ground ) announced the distribution of a $2.50 per share dividend, payable today to stockholders of record as of April 5, 2007. Stockholders will receive further information for tax reporting purposes in the first quarter of 2008. At this time, Ligand expects a significant portion of the distribution will likely be characterized as a taxable dividend due to the large gain from the AVINZA sale that closed in February of 2007. However, the Company will not have the information until after year-end 2007 to determine precisely how much of the distribution will be characterized as dividend income, return of capital and/or capital gain. Following the payment of the dividend, Ligand has approximately $155 million in cash, short-term investments and restricted cash. Further, Ligand has $35.0 million of cash held in escrow accounts following the sales of AVINZA and our oncology product line to support potential indemnification claims by the purchasers of those assets. About Ligand Pharmaceuticals Ligand discovers and develops new drugs that address critical unmet medical needs of patients in the areas of thrombocytopenia Thrombocytopenia Definition Thrombocytopenia is an abnormal drop in the number of blood cells involved in forming blood clots. These cells are called platelets. , cancer, hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , hormone-related diseases, osteoporosis and inflammatory diseases. Ligand's proprietary drug discovery and development programs are based on its leadership position in gene transcription Gene transcription The process by which genetic information is copied from DNA to RNA, resulting in a specific protein formation. Mentioned in: Gene Therapy technology, primarily related to intracellular receptors. Forward-Looking Statements This news release contains certain forward-looking statements by Ligand, including statements regarding the tax treatment of the dividend, which involve risks and uncertainties and reflect Ligand's judgment as of the date of this release. Actual events or results may differ from Ligand's expectations. Additional information concerning other risk factors affecting Ligand's business can be found in prior press releases available via the Company's web site, www.ligand.com, as well as in Ligand's public periodic filings with the Securities and Exchange Commission at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. |
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