LIGAND PHARMACEUTICALS INC — Director's Dealing 2014

May 29, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2014-05-27

Reporting Person: Berkman Charles S (VP, Gen. Counsel & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-27	Common Stock	S	4667.0	$66.89	Disposed	26978	Direct
2014-05-27	Common Stock	M	347.0	$9.96	Acquired	27325	Direct
2014-05-27	Common Stock	S	347.0	$66.93	Disposed	26978	Direct
2014-05-27	Common Stock	M	1666.0	$21.92	Acquired	28644	Direct
2014-05-27	Common Stock	S	1666.0	$66.93	Disposed	26978	Direct
2014-05-27	Common Stock	M	486.0	$14.47	Acquired	27464	Direct
2014-05-27	Common Stock	S	486.0	$66.93	Disposed	26978	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-27	Employee Stock Option (right to buy)	$14.47	M	486.0	Disposed	2022-02-09	Common Stock (486)	Direct
2014-05-27	Non-Qualified Stock Option (right to buy)	$9.96	M	347.0	Disposed	2020-02-15	Common Stock (347)	Direct
2014-05-27	Non-Qualified Stock Option (right to buy)	$21.92	M	1666.0	Disposed	2023-02-15	Common Stock (1666)	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 Option Shares per month thereafter. The date of grant is 02/09/12.

F2: 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 Option Shares per month thereafter. The date of grant is 02/15/10.

F3: 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 Option Shares per month thereafter. The date of grant is 02/15/13.