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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
1376960	Jason Aryeh	11085 North Torrey Pines Road, Suite 300 La Jolla CA 92037		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	2011-03-14	500	$9.59	268,111	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.63	268,611	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.66	269,111	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.70	269,611	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.72	270,111	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.73	270,611	No	4	P	Indirect	Indirect
Common Stock	Acquisiton	2011-03-14	500	$9.77	271,111	No	4	P	Indirect	Indirect

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect
No	4	P	Indirect	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	14,429	Direct
Common Stock	3,025	Indirect	by Trust

Footnotes

All securities disclosed in this Form 4 are owned by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the "Funds"). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.