Biotech Values

[mcbio]

But from memory, I believe the SGP-PCOP deal would have involved SGP gaining rights to screen PCOP's chemical library for potential inhibitors of a list of targets of interest. If that is the case, I would feel strongly about single digits, but I am not sure without further digging

I did some Googling and think you're right on the single-digit royalties. See this LGND PR from 2009: http://investor.ligand.com/Investors/News-and-Events/Press-Releases/Press-Release-Details/2009/Ligand-Earns-1-Million-Milestone-Payment-on-Progress-of-Drug-Candidate-for-Alzheimers-Disease/default.aspx . It specifically references the SGP BACE inhibitor and talks about how Pharmacopeia contributed to SGP's medicinal chemistry optimization of compounds discovered by SGP. So, definitely does sound like something that probably just merits single-digit royalties. Still, if the BACE inhibitor is successful, it's a large enough opportunity that it could presumably be quite transformational for LGND.