Why This Biotech Dealmaker — Tied To Merck, Travere — Charged Higher

Ligand stock bounded out of a profit-taking zone Thursday on a strong second-quarter report thanks to its ties to drugs from Merck (MRK), Travere Therapeutics (TVTX) and Pelthos Therapeutics (PTHS). The company doesn't make drugs. Instead, Ligand Pharmaceuticals (LGND) funds the development of what it hopes are the market's next winners. In return, it receives a royalty on sales of…