Ligand Pharmaceuticals Inc. raised $41.25 million in an initialpublic offering of 3.75 million shares completed Wednesday,David Robinson, the San Diego company's president and chiefexecutive officer, told BioWorld.

The company initially planned to offer 3 million shares of classA common stock at $10-$12 a share, but instead went out with3.75 million shares at $13. The company's stock(NASDAQ:LGANDA) closed at $12.25 on Wednesday.

Allergan Pharmaceuticals Ltd. Inc. and Glaxo Inc. will togetherpurchase $7.5 million of the stock. The offering was managedby Lehman Brothers, Hambrecht & Quist Inc. and Smith Barney,Harris Upham & Co. Inc.

Ligand has ongoing research relationships with Allergan, inretinoids for dermatology and ophthalmology; and Glaxo, incardiovascular disease. Ligand also has a collaborative drugdiscovery and development program with Pfizer Inc. inosteoporosis. -- Jennifer Van Brunt

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