Shares of Allergan Ligand Jump 12%

Allergan Ligand Retinoid Therapeutics Inc. shares rose 12% after the San Diego-based company said it halted a trial of its Panretin drug for Kaposi’s sarcoma because early results showed a clear benefit. The company’s stock rose $2.25 to close at $20.38 in Nasdaq trading, after hitting an intraday high of $23.50. The study design permitted stopping the trial early if the topical gel showed strong benefit to the patients receiving it, said Marvin Rosenthale, president of Allergan Ligand. The company said its trial plan allowed for gathering 12-week data from more than 200 patients. After use on fewer than 100 patients showed better-than-expected results, the company halted the study, shifting all patients to the gel. Kaposi’s sarcoma is a skin cancer that often strikes AIDS patients. Allergan Ligand is a joint venture of Irvine-based eye and skin care company Allergan Inc. and San Diego-based Ligand Pharmaceuticals. Allergan shares rose 31 cents to close at $32.44 on the New York Stock Exchange. Ligand shares rose $1 to close at $14.75 on Nasdaq.