Ligand Avoids Proxy Fight

Ligand Pharmaceuticals (LGND Quote) and its biggest investor have declared a truce, agreeing to terms before a proxy contest that had been scheduled for next month.

The deal between the company and Third Point LLC enables the investment management and advisory firm to add three members to Ligand's eight-member board and help the company assess its options. The proposal, announced Monday, is similar to one that was previously proposed by Third Point and ignored by Ligand.

The sides issued a joint press release in which Ligand said it was "excited by the opportunity to work closely with the expanded board." Third Point praised Ligand as "a strong company with an extraordinary product pipeline." ...