Ligand Pharmaceuticals has entered into a merger agreement to acquire Pharmacopeia, in an all-stock deal valued at $70 million. In addition to the share value, Pharmacopeia stockholders will be entitled to a Contingent Value Right (“CVR”) that entitles a cash payment of $15 million for all Pharmacopeia stockholders, under certain circumstances. “We are very excited about combining Pharmacopeia with Ligand,” said John L. Higgins, president and chief executive officer of Ligand. “Ligand stockho...