LIGAND PHARMACEUTICALS INC — Director's Dealing 2012

May 31, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2012-05-31

Reporting Person: KOZARICH JOHN W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-31	Common Stock	A	2925.0	$0.0	Acquired	30023.0	Direct
2012-05-31	Common Stock	A	3592.0	$0.0	Acquired	33615.0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-31	Non-Qualified Stock Option (right to buy)	$12.53	A	7335.0	Acquired	2022-05-31	Common Stock (7335.0)	Direct

Footnotes

F1: Acquired by a grant of the Board of Directors of the Company at their annual meeting on May 31, 2012, and will fully vest on the first anniversary of the grant date.

F2: Immediately vested restricted shares issued in lieu of annual cash retainer

F3: Acquired by a grant of the Board of Directors of the Company at their annual meeting on May 31, 2012, and will fully vest on the first anniversary of the grant date.