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Filing Details

Accession Number:: 0000921895-14-000398
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2014-02-20 20:00:23
Reporting Period:: 2014-02-18

Filing Date:: 2014-02-20
Accepted Time:: 2014-02-20 20:00:23
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	Director	Officer	Large Shareholder	Other
918923	P L Fund Value Biotechnology	900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1055947	P/Il L Partners Bvf	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	Yes	No
1056807	Bvf Inc/Il	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	Yes	No
1102444	Biotechnology Value Fund Ii Lp	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1132245	Bvf Investments Llc	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1233837	Investment 10 Llc	C/O Grosvenor Capital Management Lp 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1233840	N Mark Lampert	One Sansome Street 31St Floor San Francisco CA 94104	No	No	Yes	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, $0.001 Par Value	Disposition	2014-02-18	16,915	$74.66	307,921	No	4	S	Indirect	By Biotechnology Value Fund, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-18	16,331	$74.66	174,636	No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-18	153,751	$74.66	1,855,083	No	4	S	Indirect	By BVF Investments, L.L.C.
Common Stock, $0.001 Par Value	Disposition	2014-02-18	14,003	$74.66	87,520	No	4	S	Indirect	By Investment 10, L.L.C.
Common Stock, $0.001 Par Value	Disposition	2014-02-19	9,464	$73.03	298,457	No	4	S	Indirect	By Biotechnology Value Fund, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-19	5,395	$73.03	169,241	No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-19	57,370	$73.03	1,797,713	No	4	S	Indirect	By BVF Investments, L.L.C.
Common Stock, $0.001 Par Value	Disposition	2014-02-19	2,771	$73.03	84,749	No	4	S	Indirect	By Investment 10, L.L.C.
Common Stock, $0.001 Par Value	Disposition	2014-02-20	18,615	$73.05	279,842	No	4	S	Indirect	By Biotechnology Value Fund, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-20	10,557	$73.05	158,684	No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-02-20	112,369	$73.05	1,685,344	No	4	S	Indirect	By BVF Investments, L.L.C.
Common Stock, $0.001 Par Value	Disposition	2014-02-20	5,359	$73.05	79,390	No	4	S	Indirect	By Investment 10, L.L.C.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Biotechnology Value Fund, L.P.
No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
No	4	S	Indirect	By BVF Investments, L.L.C.
No	4	S	Indirect	By Investment 10, L.L.C.
No	4	S	Indirect	By Biotechnology Value Fund, L.P.
No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
No	4	S	Indirect	By BVF Investments, L.L.C.
No	4	S	Indirect	By Investment 10, L.L.C.
No	4	S	Indirect	By Biotechnology Value Fund, L.P.
No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
No	4	S	Indirect	By BVF Investments, L.L.C.
No	4	S	Indirect	By Investment 10, L.L.C.

Footnotes

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), BVF Investments, L.L.C. ("BVLLC"), Investment 10, L.L.C. ("ILL10"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert. (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein.
Shares of Common Stock owned directly by BVF. As the general partner of BVF, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the shares of Common Stock owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVF.
Shares of Common Stock owned directly by BVF2. As the general partner of BVF2, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the shares of Common Stock owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVF2.
Shares of Common Stock owned directly by BVLLC. As the manager of BVLLC, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVLLC. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the shares of Common Stock owned directly by BVLLC. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVLLC.
Pursuant to the operating agreement of BVLLC, Partners is authorized, among other things, to invest the contributed capital of Samana Capital, L.P., the majority member of BVLLC, in the Common Stock and other securities of the Issuer and to vote, exercise or convert and dispose of such securities and is entitled to receive fees based on assets under management and, subject to certain exceptions, allocations based on realized and unrealized gains on such assets.
Shares of Common Stock owned directly by ILL10. As the investment adviser of ILL10, Partners may be deemed to beneficially own the shares of CommonStock owned directly by ILL10. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the shares ofCommon Stock owned directly by ILL10. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stockowned directly by ILL10.