LIGAND PHARMACEUTICALS INC — Director's Dealing 2016

May 26, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2016-05-23

Reporting Person: Sabba Stephen L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-23	Common Stock	A	622	$0.00	Acquired	27244	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-23	Non-Qualified Stock Option (right to buy)	$119.30	A	2329	Acquired	2026-05-23	Common Stock (2329)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$89.75	2025-04-24	Common Stock (2754)	2754	Direct

Footnotes

F1: These securities, as represented in Column 5, include a grant of 622 restricted shares approved by the Board of Directors of the Company at the 2016 Meeting, which shares will vest in full on the earlier of (a) the date of the next annual meeting of the Company stockholders following the grant date or (b) on the first anniversary of the grant date.

F2: These securities, as represented in Column 5, were acquired by a grant of 2,329 shares approved by the Board of Directors of the Company at the 2016 Meeting. That grant (a) vests in full on the earlier of (i) the date of the next annual meeting of the Company stockholders following the grant date or (ii) on the first anniversary of the grant date, and (b) will vest immediately (i) upon a change in control or a hostile takeover of the Company or (ii) the death or permanent disability of the grantee if still serving at that time.

F3: These securities were previously reported on a Form 4 for this Reporting Person filed on April 28, 2015, and are included on this Form 4 only to report that they are currently fully vested and exercisable.