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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
886163	Ligand Pharmaceuticals Inc	LGND	Pharmaceutical Preparations (2834)	770160744

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
808722	M David Knott	485 Underhill Blvd Ste 205 Syosset NY 11791-3419		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2012-08-29	2,743	$16.36	2,743	No	4	P	Indirect	By immediate family member

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By immediate family member

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	972,100	Indirect	By Knott Partners, L.P.
Common Stock	264,661	Indirect	By Shoshone Partners, L.P.
Common Stock	331,396	Indirect	By Knott Partners Offshore Master Fund, L.P.
Common Stock	1,666	Indirect	By Managed Account C
Common Stock	59,425	Direct

Footnotes

The Reporting Person is the managing member of Knott Partners Management, LLC, which is (a) the sole general partner of Shoshone Partners, L.P., and Knott Partners Offshore Master Fund, L.P. and (b) the managing general partner of Knott Partners, L.P. The Reporting Person is also a general partner of Knott Partners, L.P.
The Reporting Person is (a) the sole director and the president of Dorset Management Corporation, which provides investment management services to separate institutional managed accounts (each, a "Managed Account"), and (b) the spouse of the immediate family member (the "Spouse").
As a result of the Reporting Person's interests in Knott Partners Management, LLC and in Dorset Management Corporation, the Reporting Person has investment discretion and control over the securities in this entry. The Reporting Person may be deemed indirectly to beneficially own the securities in this entry as a result of a performance related fee. Except with respect to the Reporting Person's beneficial interest in Knott Partners, L.P., Knott Partners Offshore Master Fund, L.P., and Shoshone Partners, L.P., the Reporting Person disclaims beneficial ownership of the securities beneficially owned by the Managed Account, except to the extent ultimately realized. Each of Knott Partners, L.P., Knott Partners Offshore Master Fund, L.P., Shoshone Partners, L.P., the Managed Account and the Spouse disclaims beneficial ownership of securities reported as owned by any other party.