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Filing Details

Accession Number:: 0001055947-11-000028
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-08-22 18:05:22
Reporting Period:: 2011-08-18

Filing Date:: 2011-08-22
Accepted Time:: 2011-08-22 18:05:22
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 Ave., Suite 1100 Chicago IL 60611	No	No	No	Yes
1055947	P/Il L Partners Bvf	900 N. Michigan Ave., Suite 1100 Chicago IL 60611	No	No	Yes	No
1056807	Bvf Inc/Il	900 N. Michigan Ave., Suite 1100 Chicago IL 60611	No	No	Yes	No
1102444	Biotechnology Value Fund Ii Lp	900 N. Michigan Ave., Suite 1100 Chicago IL 60611	No	No	No	Yes
1132245	Bvf Investments Llc	900 N. Michigan Ave., Suite 1100 Chicago IL 60611	No	No	No	Yes
1233840	N Mark Lampert	900 N. Michigan Ave., Suite 1100 Chicago IL 60611	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	Acquisiton	2011-08-18	871	$11.91	580,758	No	4	P	Indirect	See Explanation of Responses
Common Stock	Acquisiton	2011-08-18	15,700	$11.91	1,652,562	No	4	P	Indirect	See Explanation of Responses
Common Stock	Acquisiton	2011-08-19	1,900	$11.93	582,658	No	4	P	Indirect	See Explanation of Responses
Common Stock	Acquisiton	2011-08-19	400	$11.93	357,780	No	4	P	Indirect	See Explanation of Responses
Common Stock	Acquisiton	2011-08-19	19,000	$11.93	1,671,562	No	4	P	Indirect	See Explanation of Responses

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

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. ("BVFLLC"), BVF Partners L.P. ("Partners"), BVF Inc., and Mark Lampert (collectively the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a section 13G group that collectively owns more than 10% of the Issuer's oustanding 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.
Represents 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.
Represents 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.
Represents shares of Common Stock owned directly by BVFLLC. As the manager of BVFLLC, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVFLLC. 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 BVFLLC. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVFLLC.
Units may represent aggregation of daily trade activity. Details regarding individual execution amounts and prices are available upon request
The shares of Common Stock are directly beneficially owned by BVF Investments, L.L.C., a Delaware limited liability company. Pursuant to the operating agreement of BVFLLC, BVF Partners, L.P., a Delaware limitedpartnership is authorized, among other things, to invest the contributed capital of Samana Capital, L.P., the majority member of BVFLLC, in the shares of Common Stock and other securities and to vote, exercise or convert anddispose of such securities and is entitled to receive fess based on assets under management and, subject to certain exceptions, allocations based on realized and unrealized gains on such assets.