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Filing Details

Accession Number:: 0001104659-11-012788
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-03-07 17:45:12
Reporting Period:: 2011-03-03

Filing Date:: 2011-03-07
Accepted Time:: 2011-03-07 17:45:12
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	2011-03-03	1,000	$11.02	1,666	No	4	P	Indirect	By Managed Accounts C
Common Stock	Acquisiton	2011-03-03	23,000	$11.02	34,583	No	4	P	Indirect	By Managed Accounts D
Common Stock	Acquisiton	2011-03-03	13,400	$11.02	20,100	No	4	P	Indirect	By Managed Accounts E

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Managed Accounts C
No	4	P	Indirect	By Managed Accounts D
No	4	P	Indirect	By Managed Accounts E

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	587,180	Indirect	By Knott Partners, L.P.
Common Stock	176,571	Indirect	By Shoshone Partners, L.P.
Common Stock	75,033	Indirect	By Mulsanne Partners, L.P.
Common Stock	345,834	Indirect	By Knott Partners Offshore Master Fund, L.P.
Common Stock	42,500	Direct
Restricted Common Stock	833	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., Knott Partners Offshore Master Fund, L.P. and Mulsanne Partners, 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 the sole director and the president of Dorset Management Corporation, which (a) provides investment management services to Knott Partners Offshore (SRI) Fund Limited and (b) 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.
The restricted stock represented in Column 5 of Table I (a) was acquired by a grant of the Board of Directors of the Company at their annual meeting on May 25, 2010, and (b) vests in twelve successive equal monthly installments from the date of grant or immediately upon a change in control of the Company.