LEXICON PHARMACEUTICALS, INC. — Director's Dealing 2011

Feb 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEXICON PHARMACEUTICALS, INC./DE (LXRX)
CIK: 0001062822
Period of Report: 2011-02-23

Reporting Person: SANDS ARTHUR T (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	A	38674	—	Acquired	796190	Direct
2011-02-23	Common Stock	F	10464	$1.81	Disposed	785726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-23	Stock Option (Right to Buy)	$1.81	A	580000	Acquired	2021-02-23	Common Stock (580000)	Direct
2011-02-23	Restricted Stock Units (Phantom Stock)	$	A	145000	Acquired		Common Stock (145000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	817500	Indirect
Common Stock	60000	Indirect

Footnotes

F1: Option vests with respect to 25% of the shares subject to the option on the first anniversary of grant (2/23/2012) and vests 1/48th per month for each month of service thereafter.

F2: Each restricted stock unit represents a contingent right to receive one share of common stock.

F3: Restricted stock units vest with respect to 25% of the shares subject to the restricted stock units on February 28, 2012 and vest an additional 25% on February 28 of each of the three succeeding years thereafter.

F4: Withholding of a portion of issued shares by the Company in satisfaction of shareholder's tax withholding obligations with respect thereto.