Exhibit 99.1


                                                          Contact: Paul V. Maier
                                                       Senior Vice President and
                                                         Chief Financial Officer
                                                                  (858) 550-7573

                   LIGAND ANNOUNCES PRICING OF $135 MILLION OF
                         CONVERTIBLE SUBORDINATED NOTES


     SAN DIEGO,  CA - NOVEMBER  21, 2002 - Ligand  Pharmaceuticals  Incorporated
(Nasdaq:  LGND)  announced  today the  pricing  of a private  placement  of $135
million of its 6%  convertible  subordinated  notes due November  16, 2007.  The
offering is expected to close on November 26, 2002.

     The notes are convertible  into shares of Ligand common stock at a price of
$6.17 per share,  which  represents  a 22%  premium to the  closing bid price of
$5.06 on November  20,  2002.  Ligand also has granted the initial  purchaser an
option to acquire, within 30 days, an additional $20.25 million of notes.

     Ligand  intends  to use  the net  proceeds  of this  offering  to fund  the
restructuring  of  its  AVINZA   relationship  with  Elan  Corporation  plc,  to
repurchase  shares of the  company's  common  stock  from  Elan,  and to acquire
government  securities  that Ligand is  required  to pledge as security  for the
notes for the first two years.  Ligand  also plans to use the  proceeds,  to the
extent available, for general corporate purposes.

     This press release does not constitute an offer to sell or the solicitation
of an offer to buy securities. Any offers of the securities will be made only by
means  of  a  private  offering  memorandum.  These  securities  have  not  been
registered under the Securities Act of 1933, as amended,  or the securities laws
of any other  jurisdiction  and may not be offered or sold in the United  States
absent   registration   or  an  applicable   exemption  from  the   registration
requirements  of the  Securities Act of 1933, as amended,  and applicable  state
securities laws.

ABOUT LIGAND

     Ligand  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).



CAUTION REGARDING FORWARD-LOOKING STATEMENTS

     This news release  contains  certain  forward-looking  statements by Ligand
that involve risks and  uncertainties  and reflect the company's  judgment as of
the date of this release.  These statements  include those related to completion
of the notes  offering  and the  exercise of any  over-allotment,  the  proposed
restructuring of the AVINZA relationship with Elan, and the repurchase of Ligand
stock  from  Elan.  Actual  events or  results  may  differ  from the  company's
expectations.  There can be no  assurance  that Ligand will  complete  the notes
offering,  that the over-allotment will be exercised or completed,  nor that the
restructuring  or stock  repurchase  will be completed.  Additional  information
concerning  these and other risk factors  affecting  Ligand's  businesses can be
found in prior press  releases as well as in Ligand's  public  periodic  filings
with  the  Securities  and  Exchange  Commission,  available  via the  company's
internet site at  www.ligand.com.  Ligand  disclaims 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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