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: Davis Todd C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-23	Common Stock	A	622.0	$0.0	Acquired	56021	Direct
2016-05-23	Common Stock	A	188.0	$0.0	Acquired	56209	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-23	Non-Qualified Stock Option (right to buy)	$119.3	A	2329.0	Acquired	2026-05-23	Common Stock (2329)	Direct

Footnotes

F1: Acquired by a grant of the Board of Directors of the Company at their annual meeting on May 23, 2016. Fully vests 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 date of grant.

F2: Immediately vested restricted shares issued in lieu of 50% annual cash retainer

F3: Acquired by a grant of the Board of Directors of the Company at their annual meeting on May 23, 2016. Fully vests 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 date of grant.