X0304 4 2011-08-17 0 0000886163 LIGAND PHARMACEUTICALS INC LGND 0000808722 KNOTT DAVID M 485 UNDERHILL BLVD STE 205 SYOSSET NY 11791-3419 0 1 0 0 Director Common Stock 2011-08-17 4 P 0 4200 12.35 A 694380 I By Knott Partners, L.P. Common Stock 2011-08-17 4 P 0 1200 12.35 A 209071 I By Shoshone Partners, L.P. Common Stock 2011-08-17 4 P 0 600 12.35 A 85633 I By Mulsanne Partners, L.P. Common Stock 2011-08-17 4 P 0 2133 12.35 A 354515 I By Knott Partners Offshore Master Fund, L.P. Common Stock 2011-08-18 4 P 0 8400 11.91 A 702780 I By Knott Partners, L.P. Common Stock 2011-08-18 4 P 0 2500 11.91 A 211571 I By Shoshone Partners, L.P. Common Stock 2011-08-18 4 P 0 1000 11.91 A 86633 I By Mulsanne Partners, L.P. Common Stock 2011-08-18 4 P 0 4100 11.91 A 358615 I By Knott Partners Offshore Master Fund, L.P. Common Stock 1666 I By Managed Account C Common Stock 41483 I By Managed Account D Common Stock 25700 I By Managed Account E Common Stock 50705 D The Reporting Person is the managing member of Knott Partners Management, LLC, which is (a) the sole general partner of Shoshone Partners, L.P., Knott Partners Offshore Master Fund, L.P. and Mulsanne Partners, L.P. and (b) 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 director and the president of Dorset Management Corporation, which (a) provides investment management services to Knott Partners Offshore (SRI) Fund Limited and (b) separate institutional managed accounts (each, a "Managed Account"). 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 in this entry. The Reporting Person may be deemed to beneficially own an indirect pecuniary interest in securities in this entry as a result of a performance related fee. Except with respect to Knott Partners, L.P., Knott Partners Offshore Master Fund, L.P., Shoshone Partners, L.P., and Mulsanne 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., Knott Partners Offshore Master Fund, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., Knott Partners Offshore (SRI) Fund Limited, and each of the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party. /s/David M. Knott 2011-08-19