LEXICON PHARMACEUTICALS, INC. — Director's Dealing 2011

Dec 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEXICON PHARMACEUTICALS, INC./DE (LXRX)
CIK: 0001062822
Period of Report: 2011-12-22

Reporting Person: Ulys, LLC (Director, 10% Owner)
Reporting Person: Invus, L.P. (Director, 10% Owner)
Reporting Person: Invus Public Equities, LP (Director, 10% Owner)
Reporting Person: Invus, CV (Director, 10% Owner)
Reporting Person: Invus Advisors, L.L.C. (Director, 10% Owner)
Reporting Person: Invus Public Equities Advisors, LLC (Director, 10% Owner)
Reporting Person: DEBBANE RAYMOND (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-22	Common Stock	X	113382063	$1.13	Acquired	250372135	Indirect
2011-12-22	Common Stock	X	1622184	$1.13	Acquired	5553292	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-22	Subscription Rights (right to buy)	$1.13	X	131436780	Acquired	2011-12-22	Common Stock (56146506)	Indirect
2011-12-22	Subscription Rights (right to buy)	$1.13	X	29782609	Acquired	2011-12-22	Common Stock (12722385)	Indirect
2011-12-22	Subscription Rights (right to buy)	$1.13	X	3891108	Acquired	2011-12-22	Common Stock (1622184)	Indirect

Footnotes

F1: On December 22, 2011, Invus, L.P. acquired 113,382,063 shares of common stock of Lexicon Pharmaceuticals, Inc. (the "Issuer") from the Issuer pursuant to the exercise of subscription rights entitling the holder thereof to purchase 0.427175 shares of Issuer common stock per right and additional unsubscribed shares under certain circumstances at a subscription price of $1.13 per share.

F2: 244,818,843 of the reported shares of Issuer common stock are owned directly by Invus, L.P. and 5,553,292 of the reported shares of Issuer common stock are owned directly by Invus Public Equities, L.P. and subject to a voting agreement pursuant to which Invus Public Equities, L.P. agreed to vote its shares of Issuer common stock at the sole direction of Invus, L.P. Invus Advisors, L.L.C. is the general partner of Invus, L.P. Ulys, L.L.C. is the managing member of Invus Advisors, L.L.C. Raymond Debbane is the sole member of Ulys, L.L.C. Accordingly, each of Invus Advisors, L.L.C, Ulys, L.L.C. and Raymond Debbane may be deemed to be indirect beneficial owners of the reported securities. Each of Invus Advisors, L.L.C., Ulys, L.L.C and Raymond Debbane disclaims beneficial ownership of such securities, except to the extent of its or his pecuniary interest therein.

F3: On December 22, 2011, Invus Public Equities, L.P. acquired 1,622,184 shares of Issuer common stock from the Issuer pursuant to the exercise of subscription rights entitling the holder thereof to purchase 0.427175 shares of Issuer common stock per right and additional unsubscribed shares under certain circumstances at a subscription price of $1.13 per share.

F4: 131,436,780 of the reported subscription rights were owned directly by Invus, L.P., 29,782,609 of the reported subscription rights were owned directly Invus C.V. and 3,891,108 of the reported subscription rights were owned directly by Invus Public Equities, L.P.