X0303 4 2010-11-19 0 0000886163 LIGAND PHARMACEUTICALS INC LGND 0000808722 KNOTT DAVID M 485 UNDERHILL BLVD STE 205 SYOSSET NY 11791-3419 1 0 0 0 Restricted Common Stock 2010-11-19 4 D 0 0 9.12 D 3332 D Non-Qualified Stock Option (right to buy) 1.43 2010-11-19 4 D 0 15000 D 2020-05-25 Common Stock 15000 0 D Non-Qualified Stock Option (right to buy) 8.58 2010-11-19 4 A 0 2500 A 2020-05-25 Common Stock 2500 2500 D Non-Qualified Stock Option (right to buy) 2.98 2010-11-19 4 D 0 15000 D 2019-05-29 Common Stock 15000 0 D Non-Qualified Stock Option (right to buy) 17.88 2010-11-19 4 A 0 2500 A 2019-05-29 Common Stock 2500 2500 D Non-Qualified Stock Option (right to buy) 8.89 2010-11-19 4 D 0 20000 D 2017-03-01 Common Stock 20000 0 D Non-Qualified Stock Option (right to buy) 53.34 2010-11-19 4 A 0 3333 A 2017-03-01 Common Stock 3333 3333 D The securities represented in Column 5 of Table I and Column 9 of Table II reflect the Company's reverse stock split, at a ratio of one-for-six (the "Reverse Stock Split"). On November 19, 2010, as a result of the Reverse Stock Split, all previously issued certificates representing six outstanding shares of the Company's common stock (the "Old Shares") now represent one new share of the Company's common stock (the "New Common Stock"). The Company paid cash for any fractional shares resulting from the Reverse Stock Split. The Reporting Person had 1/3rd fractional share, for which he received $3.04. The six reported entries reflect the effect of the Reverse Stock Split described in footnote 1, above, on previously issued outstanding options, resulting in the deemed cancellation of each of the "old" options and the concomitant grant of replacement options. The options in the first row of Table II were originally granted on May 25, 2010, the options in the third row of Table II were originally granted on May 29, 2009 and the options in the fifth row of Table II were originally granted on March 1, 2007. The securities are currently vested and are fully exercisable. Reporting on this transaction exempt from Section 16b treatment and described in Footnote 1 hereof was delayed because of delay in finalizing information from the Company regarding expiration dates for derivative securities being reported and the effect of such transaction. /s/ David M. Knott 2011-06-06