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: Aryeh Jason (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	24726.0	Direct
2012-05-31	Common Stock	A	3592.0	$0.0	Acquired	28318.0	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

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	284336.0	Indirect
Common Stock	5025.0	Indirect

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: 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.

F4: 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.