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Third Point sells off shares of Ligand Pharmaceuticals, keeps 2.01% stake
By Lisa Kerner
Charlotte, N.C., March 28 - Ligand Pharmaceutical, Inc. investors led by Third Point LLC and including Daniel S. Loeb sold 5.72 million shares, or 5.66%, of the company's common stock for $10.54 per share on March 26, according to a schedule 13D filing with the Securities and Exchange Commission.
On March 1, two of the Third Point designees, Loeb and Brigette Roberts, resigned from Ligand's board. A third designee remains a director of the company.
Loeb beneficially owns 2,027,378 shares, or 2.01%, of the San Diego drug development company's outstanding stock.
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