X0303 4 2010-03-10 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 2010-03-10 4 S 0 67200 1.71 D 3364283 I By Knott Partners, L.P. Common Stock 2010-03-11 4 S 0 32900 1.6763 D 3331383 I By Knott Partners, L.P. Common Stock 2010-03-10 4 S 0 23801 1.71 D 1121830 I By Shoshone Partners, L.P. Common Stock 2010-03-11 4 S 0 9100 1.6763 D 1112730 I By Shoshone Partners, L.P. Common Stock 2010-03-10 4 S 0 5900 1.71 D 336600 I By Mulsanne Partners, L.P. Common Stock 2010-03-11 4 S 0 1900 1.6763 D 334700 I By Mulsanne Partners, L.P. Common Stock 2010-03-10 4 S 0 33100 1.71 D 2467828 I By Knott Partners Offshore Master Fund, L.P. Common Stock 2010-03-11 4 S 0 16100 1.6763 D 2451728 I By Knott Partners Offshore Master Fund, L.P. Common Stock 192590 I By Managed Accounts A Common Stock 72796 I By Managed Accounts B Common Stock 64596 I By Managed Accounts B Common Stock 4000 I By Managed Accounts C Common Stock 69500 I By Managed Accounts D Common Stock 15000 D Non-Qualified Stock Option (right to buy) 2.98 2010-05-29 Common Stock 15000 15000 D 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 securities identified in this row are held by a managed account for which Dorset Management Corporation provides portfolio management services. The Reporting Person is the President and sole director of Dorset Management Corporation. 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., Knott Partners Offshore Master Fund, 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 Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P. and Knott Partners Offshore Master Fund, L.P. and each of the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party. The option becomes exercisable in twelve successive equal monthly installments upon completion of each calendar month of service beginning 5/29/09. /s/ David M. Knott 2010-03-12