Allergan, Ligand Pharmaceuticals to Take Cancer-Cure Venture Public

Allergan Inc. said Tuesday that its venture with Ligand Pharmaceuticals Inc. will go public. Shareholders in the two companies will be offered $32.5 million worth of stock in the joint venture, called Ligand and Allergan Ligand Retinoid Therapeutics Inc.

The research and development venture between San Diego-based Ligand and Allergan, based in Irvine, began in June, 1992, to develop a treatment for cancer.

Investors in the joint venture will be given the option of buying units that consist of two warrants to purchase Ligand stock and one share of common stock in the new company.