LIGAND PHARMACEUTICALS INC — Director's Dealing 2017

May 13, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2017-05-11

Reporting Person: Aryeh Jason (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Common Stock	S	22665	$110.0386	Disposed	131233	Indirect
2017-05-12	Common Stock	S	14582	$111.8731	Disposed	116651	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	58959	Direct
Common Stock	5025	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $109.49 to $111.00, inclusive. The reporting person undertakes to provide, upon request to the Securities Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F2: 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.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $110.99 to $112.97, inclusive. The reporting person undertakes to provide, upon request to the Securities Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.