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Filing Details

Accession Number:: 0001104659-11-010209
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-02-25 13:46:26
Reporting Period:: 2011-02-23

Filing Date:: 2011-02-25
Accepted Time:: 2011-02-25 13:46:26
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

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-02-23	65,200	$9.95	587,180	No	4	P	Indirect	By Knott Partners, L.P.
Common Stock	Acquisiton	2011-02-23	2,200	$9.95	176,571	No	4	P	Indirect	By Shoshone Partners, L.P.
Common Stock	Acquisiton	2011-02-23	21,400	$9.95	75,033	No	4	P	Indirect	By Mulsanne Partners, L.P.
Common Stock	Disposition	2011-02-23	47,087	$9.95	345,834	No	4	S	Indirect	By Knott Partners Offshore Master Fund, L.P.
Common Stock	Disposition	2011-02-23	10,382	$9.95	0	No	4	S	Indirect	By Knott Partners Offshore (SRI) Fund Limited
Common Stock	Disposition	2011-02-23	31,331	$9.95	0	No	4	S	Indirect	By Managed Accounts A
Common Stock	Acquisiton	2011-02-23	6,700	$9.99	6,700	No	4	P	Indirect	By Managed Accounts E

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Knott Partners, L.P.
No	4	P	Indirect	By Shoshone Partners, L.P.
No	4	P	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 (SRI) Fund Limited
No	4	S	Indirect	By Managed Accounts A
No	4	P	Indirect	By Managed Accounts E

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	666	Indirect	By Managed Accounts C
Common Stock	11,583	Indirect	By Managed Accounts D
Common Stock	2,500	Direct
Restricted Common Stock	833	Direct

Footnotes

Each entry reports a component of a cross transaction in the shares set forth in column 1 of Table I among the accounts identified in Column 7 of Table I that are coded P or S in Column 3. The cross transactions reported reflect a reallocation of shares among the partnerships and the Reporting Person's managed clients for which there were no net transaction costs, and the accounts that disposed of shares in the cross transaction did not acquire any shares in the cross transaction.
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 Reporting Person is the sole director and the president of Dorset Management Corporation, which (i) provides investment management services to Knott Partners Offshore (SRI) Fund Limited and (ii) separate institutional managed accounts (each, a "Managed Account").
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 in this entry. The Reporting Person may be deemed to beneficially own an indirect pecuniary interest in securities in this entry as a result of a performance related fee. Except with respect to Knott Partners, L.P., Knott Partners Offshore Master Fund, L.P., Shoshone Partners, L.P., and Mulsanne 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., Knott Partners Offshore Master Fund, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., Knott Partners Offshore (SRI) Fund Limited, and each of the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party.