LIGAND PHARMACEUTICALS INC — Director's Dealing 2012

Dec 18, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2012-12-14

Reporting Person: BVF PARTNERS L P/IL (10% Owner)
Reporting Person: BIOTECHNOLOGY VALUE FUND L P (See Explanation of Responses)
Reporting Person: BVF INC/IL (10% Owner)
Reporting Person: LAMPERT MARK N (10% Owner)
Reporting Person: BIOTECHNOLOGY VALUE FUND II LP (See Explanation of Responses)
Reporting Person: BVF INVESTMENTS LLC (See Explanation of Responses)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-14	Common Stock	P	5386	$18.6344	Acquired	2123812	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	741627	Indirect
Common Stock	444151	Indirect

Footnotes

F1: This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), BVF Investments, L.L.C. ("BVFLLC"), BVF Partners L.P. ("Partners"), BVF Inc., and Mark Lampert (collectively the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a section 13G group that collectively owns more than 10% of the Issuer's oustanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein.

F2: Represents shares of Common Stock owned directly by BVFLLC. As the manager of BVFLLC, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVFLLC. As the investment adviser and general partner of Partners, BVF Inc., may be deemed to beneficially own the shares of Common Stock owned directly by BVFLLC. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVFLLC.

F3: The shares of Common Stock are directly beneficially owned by BVF Investments, L.L.C., a Delaware limited liability company. Pursuant to the operating agreement of BVFLLC, BVF Partners, L.P., a Delaware limited
partnership is authorized, among other things, to invest the contributed capital of Samana Capital, L.P., the majority member of BVFLLC, in the shares of Common Stock and other securities and to vote, exercise or convert and
dispose of such securities and is entitled to receive fess based on assets under management and, subject to certain exceptions, allocations based on realized and unrealized gains on such assets.

F4: Units may represent aggregation of daily trade activity. Details regarding individual execution amounts and prices are available upon request

F5: Represents shares of Common Stock owned directly by BVF. As the general partner of BVF, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc., may be deemed to beneficially own the shares of Common Stock owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVF.

F6: Represents shares of Common Stock owned directly by BVF2. As the general partner of BVF2, Partners may be deemed to beneficially own the shares of Common Stock owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc., may be deemed to beneficially own the shares of Common Stock owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the shares of Common Stock owned directly by BVF2.