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Filing Details

Accession Number:: 0001104659-10-014023
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-03-12 12:00:00
Reporting Period:: 2010-03-10

Filing Date:: 2010-03-12
Accepted Time:: 2010-03-12 16:43:23
SEC Url:: Form 4 Filing

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

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-03-10	67,200	$1.71	3,364,283	No	4	S	Indirect	By Knott Partners, L.P.
Common Stock	Disposition	2010-03-11	32,900	$1.68	3,331,383	No	4	S	Indirect	By Knott Partners, L.P.
Common Stock	Disposition	2010-03-10	23,801	$1.71	1,121,830	No	4	S	Indirect	By Shoshone Partners, L.P.
Common Stock	Disposition	2010-03-11	9,100	$1.68	1,112,730	No	4	S	Indirect	By Shoshone Partners, L.P.
Common Stock	Disposition	2010-03-10	5,900	$1.71	336,600	No	4	S	Indirect	By Mulsanne Partners, L.P.
Common Stock	Disposition	2010-03-11	1,900	$1.68	334,700	No	4	S	Indirect	By Mulsanne Partners, L.P.
Common Stock	Disposition	2010-03-10	33,100	$1.71	2,467,828	No	4	S	Indirect	By Knott Partners Offshore Master Fund, L.P.
Common Stock	Disposition	2010-03-11	16,100	$1.68	2,451,728	No	4	S	Indirect	By Knott Partners Offshore Master Fund, L.P.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Knott Partners, L.P.
No	4	S	Indirect	By Knott Partners, L.P.
No	4	S	Indirect	By Shoshone Partners, L.P.
No	4	S	Indirect	By Shoshone Partners, L.P.
No	4	S	Indirect	By Mulsanne Partners, L.P.
No	4	S	Indirect	By Mulsanne Partners, L.P.
No	4	S	Indirect	By Knott Partners Offshore Master Fund, L.P.
No	4	S	Indirect	By Knott Partners Offshore Master Fund, L.P.

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	192,590	Indirect	By Managed Accounts A
Common Stock	72,796	Indirect	By Managed Accounts B
Common Stock	64,596	Indirect	By Managed Accounts B
Common Stock	4,000	Indirect	By Managed Accounts C
Common Stock	69,500	Indirect	By Managed Accounts D
Common Stock	15,000	Direct

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Non-Qualified Stock Option (right to buy)	$2.98		2010-05-29	15,000	15,000	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2010-05-29	15,000	15,000	Direct

Footnotes

The Reporting Person is the managing member of Knott Partners Management, LLC, which is (i) the sole general partner of Shoshone Partners, L.P., Knott Partners Offshore Master Fund, L.P. and Mulsanne Partners, L.P. and (ii) the managing general partner of Knott Partners, L.P. The Reporting Person is also a general partner of Knott Partners, L.P.
The securities identified in this row are held by a managed account for which Dorset Management Corporation provides portfolio management services. The Reporting Person is the President and sole director of Dorset Management Corporation.
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 of the securities represented in this entry. The Reporting Person may be deemed to beneficially own an indirect pecuniary interest in the securities represented in this entry as a result of its performance-related fee. Except with respect to Knott Partners, L.P., Knott Partners Offshore Master Fund, L.P. and Shoshone Partners, L.P., in which the Reporting Person owns a beneficial interest, the Reporting Person disclaims beneficial ownership therein except to the extent ultimately realized. Each of Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P. and Knott Partners Offshore Master Fund, L.P. and each of the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party.
The option becomes exercisable in twelve successive equal monthly installments upon completion of each calendar month of service beginning 5/29/09.