X0306 4 2018-06-19 0 0000886163 LIGAND PHARMACEUTICALS INC LGND 0001376960 Aryeh Jason 3911 SORRENTO VALLEY BOULEVARD, SUITE 110 SAN DIEGO CA 92121 1 0 0 0 Common Stock 2018-06-19 4 A 0 493 0.00 A 59118 D Common Stock 79334 I Indirect Common Stock 5025 I By Trust Non-Qualified Stock Option (right to buy) 76.77 2018-06-19 4 A 0 2474 0.00 A 2028-06-18 Common Stock 2474 2474 D Acquired by a grant of the Board of Directors of the Company at their annual meeting on June 19, 2018. 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. 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. /s/ Charles S. Berkman, Attorney-in-Fact 2018-06-21