Allergan, Ligand to Terminate Venture

Allergan Inc. and Ligand Pharmaceuticals Inc. said they decided to dissolve their Allergan Ligand Retinoid Therapeutics Inc. joint venture, splitting the assets. The deal provides for a “clean, simple separation” of the company’s assets, which are based on retinoid compounds, they said. Retinoids are agents that selectively regulate cell growth and are believed to have broad applications in treating cancer, skin disorders and other illnesses. Both companies will take related fourth-quarter charges. The companies said in a joint statement that the deal follows the significant growth in value of Allergan Ligand Retinoid Therapeutics after recent positive trial results. Shares of Irvine-based Allergan edged up 62.5 cents to $34.875 on the New York Stock Exchange. La Jolla-based Ligand closed unchanged at $16.375, and Allergan Ligand was also unchanged at $19.44, both on Nasdaq.