LIGAND PHARMACEUTICALS INC — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2011-02-17

Reporting Person: Kazmi Syed (VP, Bus. Dev. & Strategic Plan)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-17	Common Stock	A	3000	—	Acquired	15396	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-17	Incentive Stock Option (right to buy)	$10.05	A	7513	Acquired	2021-02-17	Common Stock (7513)	Direct
2011-02-17	Non-Qualified Stock Option (right to buy)	$10.05	A	30000	Acquired	2011-02-17	Common Stock (30000)	Direct
2011-02-17	Non-Qualified Stock Option (right to buy)	$10.05	A	2487	Acquired	2021-02-17	Common Stock (2487)	Direct

Footnotes

F1: Grant to reporting person of options, exercisable over a 4-year period measured from the date of grant, 12-1/2% after six months, then 1/48th of the Optioned Shares per month thereafter.

F2: The options vest upon satisfaction of certain performance criteria for the year ended December 31, 2011.