LIGAND PHARMACEUTICALS INC — Director's Dealing 2012

Feb 13, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2012-02-09

Reporting Person: DeSilva Nishan M (VP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-09	Common Stock	A	10000.0	$0.0	Acquired	10000.0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-09	Incentive Stock Option (right to buy)	$14.47	A	30765.0	Acquired	2022-02-09	Common Stock (30765.0)	Direct
2012-02-09	Non-Qualified Stock Option (right to buy)	$14.47	A	44235.0	Acquired	2022-02-09	Common Stock (44235.0)	Direct
2012-02-09	Non-Qualified Stock Option (right to buy)	$14.47	A	15000.0	Acquired	2022-02-09	Common Stock (15000.0)	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: Grant to reporting person of options will fully vest on the third anniversary of the grant date.