LIGAND PHARMACEUTICALS INC — Director's Dealing 2011

Mar 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2011-03-15

Reporting Person: Aryeh Jason (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-15	Common Stock	P	1000	$9.47	Acquired	272111	Indirect
2011-03-15	Common Stock	P	500	$9.53	Acquired	272611	Indirect
2011-03-16	Common Stock	P	500	$9.25	Acquired	273111	Indirect
2011-03-16	Common Stock	P	500	$9.26	Acquired	273611	Indirect
2011-03-16	Common Stock	P	500	$9.27	Acquired	274111	Indirect
2011-03-16	Common Stock	P	500	$9.31	Acquired	274611	Indirect
2011-03-16	Common Stock	P	500	$9.36	Acquired	275111	Indirect
2011-03-16	Common Stock	P	500	$9.42	Acquired	275611	Indirect
2011-03-16	Common Stock	P	500	$9.46	Acquired	276111	Indirect
2011-03-16	Common Stock	P	500	$9.48	Acquired	276611	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14429	Direct
Common Stock	3025	Indirect

Footnotes

F1: All securities disclosed in this Form 4 are owned by certain funds managed by JALAA Equities, LP, JLV Investments, LP and affiliates (the "Funds"). Jason Aryeh is the General Partner of JALAA Equities, LP and a partner of JLV Investments, LP. By reason of the provisions of Rule 16a-1 under the Securities Exchange Act of 1934, as amended, JALAA Equities, LP, JLV Investments, LP and affiliates and Mr. Aryeh may be deemed to be the beneficial owners of the securities beneficially owned by the Funds.