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Filing Details

Accession Number:: 0001104659-11-048995
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-08-26 17:48:52
Reporting Period:: 2011-08-25

Filing Date:: 2011-08-26
Accepted Time:: 2011-08-26 17:48:52
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	2011-08-25	19,600	$12.57	756,180	No	4	P	Indirect	By Knott Partners, L.P.
Common Stock	Acquisiton	2011-08-25	5,800	$12.57	227,661	No	4	P	Indirect	By Shoshone Partners, L.P.
Common Stock	Acquisiton	2011-08-25	2,500	$12.57	93,233	No	4	P	Indirect	By Mulsanne Partners, L.P.
Common Stock	Acquisiton	2011-08-25	9,900	$12.57	386,384	No	4	P	Indirect	By Knott Partners Offshore Master Fund, L.P.
Common Stock	Acquisiton	2011-08-25	17,200	$12.57	62,783	No	4	P	Indirect	By Managed Account D

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	P	Indirect	By Knott Partners Offshore Master Fund, L.P.
No	4	P	Indirect	By Managed Account D

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	28,300	Indirect	By Managed Account E
Common Stock	1,666	Indirect	By Managed Account C
Common Stock	50,705	Direct

Footnotes

The price reported in Column 4 of Table 1 is a weighted average price. The aggregate number of shares represented in that column was purchased in two transactions: (a) 50,000 shares at $12.5496 and (b) 5,000 shares at $12.7265. The Reporting Person undertakes to provide to the Company, any security holder of the Company or the staff of the SEC, upon request, full information regarding the number of shares per beneficial holder purchased at each separate price set forth in this Footnote 1 of this Form 4.
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.