Aware of the overhang

Aware of the overhang

The separation of Allergan Ligand Retinoid Therapeutics' (ALRIZ) 3.25 million units shouldn't have a major impact on shares ofLigand Pharmaceuticals (LGND), even though exercise of the warrants could add 6.5 million shares (20 percent) to LGND's 32.5 million shares outstanding. Under the separation, ALRIZ shareholders receive a common share of Allergan Ligand and two warrants, each to purchase one common share of LGND. The warrants,

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