X0202 3 2007-03-01 0 0000886163 LIGAND PHARMACEUTICALS INC LGND 0000808722 KNOTT DAVID M 485 UNDERHILL BLVD STE 205 SYOSSET NY 11791-3419 1 0 0 0 Common Stock 2419383 I By Knott Partners, L.P. Common Stock 1326841 I By Shoshone Partners, L.P. Common Stock 18400 I By Mulsanne Partners, L.P. Common Stock 3929331 I By Knott Partners Offshore Master Fund, L.P. Common Stock 259184 I By Ostra Capital Partners, L.P. Common Stock 32400 I By Ostra Capital Partners VII, L.P. Common Stock 547518 I By Managed Accounts The Reporting Person is the managing member of Knott Partners Management, LLC, which is (i) the sole general partner of Shoshone Partners, L.P., Knott Partners Offshore Master Fund, L.P. and Mulsanne Partners, L.P. and (ii) the managing general partner of Knott Partners, L.P. The Reporting Person is also a general partner of Knott Partners, L.P. The Reporting Person is the sole shareholder, director and president of Dorset Management Corporation, which provides portfolio management services to Knott Partners Offshore Master Fund, L.P., Ostra Capital Partners, L.P. and Ostra Capital Partners VII, L.P. The entry represents securities of the issuer held by managed accounts for which Dorset Management Corporation provides investment management services (the "Managed Accounts"). As a result of the Reporting Person's interests in Knott Partners Management, LLC and in Dorset Management Corporation, the Reporting Person has investment discretion and control of the securities represented in this entry. The Reporting Person may be deemed to beneficially own an indirect pecuniary interest in the securities represented in this entry as a result of its performance-related fee. Except with respect to Knott Partners, L.P. and Shoshone Partners, L.P., in which the Reporting Person owns a beneficial interest, the Reporting Person disclaims beneficial ownership therein except to the extent ultimately realized. Each of the Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., Knott Partners Offshore Master Fund, L.P., Ostra Capital Partners, L.P., Ostra Capital Partners VII, L.P. and the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party. /s/David M. Knott 2007-03-09