8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                 ---------------


                                    FORM 8-K

                                 CURRENT REPORT




     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 12, 2002

                       LIGAND PHARMACEUTICALS INCORPORATED
             (Exact name of registrant as specified in its charter)

                                    DELAWARE
                 (State or other jurisdiction of incorporation)

                                    000-20720
                            (Commission File Number)

                           10275 Science Center Drive,
                              San Diego, California
                    (Address of principal executive offices)

                                 (858) 550-7500
              (Registrant's telephone number, including area code)

                                   77-0160744
                      (I.R.S. Employer Identification No.)

                                   92121-1117
                                   (Zip Code)






Item 5. Other Events

     Attached  hereto is a press release  issued by the  registrant on April 12,
2002.



Item 7. Exhibits

        Exhibit  Number       Description
        ---------------       -----------



             99.1             Press Release of the Company dated April 12, 2002





SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned.


                           LIGAND PHARMACEUTICALS INCORPORATED



Date :  April 12, 2002     By:      /S/WARNER BROADDUS
                           Name:    Warner Broaddus
                           Title:   Vice President, General Counsel & Secretary

EX-99

Exhibit 99.1

             Contacts:
                      Eli Lilly and Company              Ligand Pharmaceuticals
                      Terra L. Fox                       Michael J. Watts
                      (317) 276-5795                     (858) 550-7850
                      terrafox@lilly.com                 mwatts@ligand.com

                     LILLY, LIGAND EXTEND R&D COLLABORATION
           TO DISCOVER AND DEVELOP NOVEL DRUGS FOR METABOLIC DISEASES

    -- ALLIANCE PARTNERS PROVIDE DEVELOPMENT UPDATE ON PORTFOLIO OF POTENTIAL
          DRUGS FOR DIABETES, CARDIOVASCULAR DISORDERS AND OBESITY --

     INDIANAPOLIS,  IND. AND SAN DIEGO,  CALIF.,  APRIL 12, 2002 - Eli Lilly and
Company (NYSE: LLY) and Ligand Pharmaceuticals  Incorporated (Nasdaq: LGND) will
extend until November 2003 their research  collaboration  focused on discovering
novel drugs for type II diabetes,  cardiovascular  disorders  and  obesity,  the
companies  announced today. Lilly retains rights to extend the collaboration for
two additional one-year terms.

     The  collaboration,  which  began in 1997,  already has  selected  multiple
clinical  candidates  and  advanced  three  peroxisome  proliferation  activated
receptor (PPAR)  modulators into early clinical studies or to human  development
track. PPARs are a subfamily of intracellular  receptors that regulate lipid and
glucose  homeostasis,  and  that  play a key  role  in  fat  tissue  stores  and
metabolism,  as well as enhancing  cellular  responses to insulin.  One of these
receptors (PPAR (gamma)) is the target of currently  marketed  thiazolidinedione
drugs.

     "We are extremely pleased with the productivity of our  collaboration  with
Ligand and the value it is creating for both partners," said Jose F. Caro, M.D.,
vice president of endocrine research and clinical  investigation for Lilly. "The
PPARs  continue to be important  drug targets for the  treatment of diabetes and
cardiovascular  diseases.  Our collaboration has proven over the past five years
that we can develop numerous high-quality clinical drug candidates,  directed to
these  targets,  which may  become  the next  generation  of  medicines  to help
patients with metabolic diseases."

     Under the terms of the collaboration, Ligand receives research funding from
Lilly. Lilly is responsible for the development and registration of any products
resulting from the collaboration, and pays Ligand milestone payments as products
move through the development  process.  Lilly has exclusive  worldwide marketing
rights to products resulting from the research, and will pay Ligand royalties on
sales of products that make it to market.



     "The Lilly-Ligand alliance has made extraordinary  progress in the field of
PPAR modulators, targeting selectively the different receptor subtypes ((gamma),
(alpha),  (delta)) or developing co-agonists for different receptor pairs," said
Andres Negro-Vilar, M.D., Ph.D., Ligand's senior vice president for research and
development and chief scientific officer. "We have developed a broad platform of
molecules with distinct receptor specificity and tissue selectivity, allowing us
to bring to the clinic molecules with enhanced activity and broader  therapeutic
profiles for the  treatment of type II diabetes,  dyslipidemias  and  associated
cardiovascular  disorders.  Lilly's  expertise  and  leadership  in these fields
ensures leverage of these approaches into multibillion-dollar markets."

DEVELOPMENT STATUS UPDATE

     LY818,  Lilly's  most  advanced  PPAR  modulator  for type II diabetes  and
metabolic  diseases,  has successfully  completed its first Phase I trial, which
began in the fourth  quarter of 2001.  LY929,  for type II  diabetes,  metabolic
diseases and  dyslipidemias,  is progressing  through final preclinical  studies
toward  a  target  IND  filing  this  quarter.   A  third  Lilly   compound  for
dyslipidemias  is advancing  toward a target IND filing in the fourth quarter of
this year.

ABOUT LILLY

     Lilly,  a leading  innovation-driven  corporation,  is developing a growing
portfolio  of  best-in-class  pharmaceutical  products  by  applying  the latest
research  from  its own  worldwide  laboratories  and from  collaborations  with
eminent  scientific  organizations.  Headquartered in Indianapolis,  Ind., Lilly
provides  answers - through  medicines and information - for some of the world's
most urgent medical needs.  Additional  information  about Lilly is available at
www.lilly.com.

ABOUT LIGAND

     Ligand  Pharmaceuticals  Incorporated  discovers,  develops and markets new
drugs that  address  critical  unmet  medical  needs of patients in the areas of
cancer, skin diseases, men's and women's hormone-related diseases, osteoporosis,
metabolic  disorders,  and  cardiovascular and inflammatory  diseases.  Ligand's
proprietary drug discovery and development  programs are based on its leadership
position in gene  transcription  technology,  primarily related to Intracellular
Receptors (IRs) and Signal Transducers and Activators of Transcription (STATs).

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CAUTION REGARDING FORWARD-LOOKING STATEMENTS

     This news release contains certain forward-looking  statements that involve
risks and  uncertainties  and reflect the companies'  judgment as of the date of
this release.  These statements  include those related to research  productivity
and  discoveries,  clinical  development,  and milestone  and royalty  payments.
Actual  events or results  may  differ  from our  expectations.  There can be no
assurance that new drug compounds will be discovered,  that clinical development
will be successful,  that drugs will receive required regulatory  approvals,  or
that they will be successfully marketed. Additional information concerning these
and other risk factors affecting Lilly and Ligand can be found in the companies'
prior press releases as well as in public  periodic  filings with the Securities
and Exchange Commission,  available via the companies' internet sites. Lilly and
Ligand  disclaim  any  intent  or  obligation  to update  these  forward-looking
statements beyond the date of this release.  This caution is made under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.

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