Ligand Pharmaceuticals on Long Road Back

For a small company, Ligand Pharmaceuticals has been making a lot of news lately, much of which hasn't been encouraging.

Delisted by Nasdaq and investigated by the Securities and Exchange Commission, the San Diego-based company has experienced a number of financial and regulatory disappointments in recent months.

The company's travails have prompted its largest shareholder, investment management firm Third Point, to say it will line up eight candidates to challenge Ligand's nominees for the board. The showdown is scheduled for the annual meeting Jan. 31. Third Point owns just under 10% of Ligand's stock. ...