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Filing Details

Accession Number:: 0000921895-14-000653
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2014-03-26 19:28:51
Reporting Period:: 2014-03-24

Filing Date:: 2014-03-26
Accepted Time:: 2014-03-26 19:28:51
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
886163	Ligand Pharmaceuticals Inc	LGND	Pharmaceutical Preparations (2834)	770160744

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
918923	P L Fund Value Biotechnology	900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1055947	P/Il L Partners Bvf	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1056807	Bvf Inc/Il	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1102444	Biotechnology Value Fund Ii Lp	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1132245	Bvf Investments Llc	C/O Grosvenor Capital Management 900 N. Michigan Avenue, Suite 1100 Chicago IL 60611	No	No	No	Yes
1233840	N Mark Lampert	One Sansome Street 30Th Floor San Francisco CA 94104	No	No	No	Yes

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, $0.001 Par Value	Disposition	2014-03-24	31,698	$70.17	248,144	No	4	S	Indirect	By Biotechnology Value Fund, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-03-24	18,306	$70.17	140,378	No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-03-25	18,019	$69.95	230,125	No	4	S	Indirect	By Biotechnology Value Fund, L.P.
Common Stock, $0.001 Par Value	Disposition	2014-03-25	10,203	$69.95	130,175	No	4	S	Indirect	By Biotechnology Value Fund II, L.P.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By Biotechnology Value Fund, L.P.
No	4	S	Indirect	By Biotechnology Value Fund II, L.P.
No	4	S	Indirect	By Biotechnology Value Fund, L.P.
No	4	S	Indirect	By Biotechnology Value Fund II, L.P.

Footnotes

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., BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert. (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that no longer owns more than 10% of the Issuer's outstanding shares of Common Stock pursuant to Rule 16a-1(a)(1). 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.
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.
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.