<SEC-DOCUMENT>0001193125-16-424831.txt : 20160108
<SEC-HEADER>0001193125-16-424831.hdr.sgml : 20160108
<ACCEPTANCE-DATETIME>20160108160719
ACCESSION NUMBER:		0001193125-16-424831
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20160108
DATE AS OF CHANGE:		20160108
EFFECTIVENESS DATE:		20160108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGAND PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000886163
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				770160744
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-208919
		FILM NUMBER:		161333293

	BUSINESS ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		858-550-7500

	MAIL ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>d111876ds3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
<HTML><HEAD>
<TITLE>S-3ASR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on January&nbsp;8, 2016 </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:30%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Form S-3
</B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:30%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>LIGAND PHARMACEUTICALS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>INCORPORATED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name
of registrant as specified in its charter) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:30%">&nbsp;</P></center> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>77-0160744</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>11119 North Torrey Pines Road, Suite 200, La Jolla, CA 92037 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(858) 550-7500 </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address,
including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices) </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>John L. Higgins
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>President and Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Ligand Pharmaceuticals Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>11119 North Torrey Pines Road, Suite 200 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>La Jolla, CA 92037 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(858)
550-7500 </B></P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to</I></B><B>:</B><B><I> </I></B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Scott N. Wolfe, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Latham&nbsp;&amp; Watkins LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>12670 High Bluff Drive </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>San
Diego, CA 92130 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(858) 523-5400 </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">From time to time after the effective date of this registration statement. </P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective on filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the
following box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check
one): </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Large&nbsp;accelerated&nbsp;filer&nbsp;</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Accelerated&nbsp;filer&nbsp;</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Non-accelerated&nbsp;filer&nbsp;</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Smaller&nbsp;reporting</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Do not check if a smaller</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>reporting company)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>company&nbsp;</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:5pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>securities to be registered<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to&nbsp;be</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering&nbsp;price</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>per&nbsp;security<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering&nbsp;price<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>registration&nbsp;fee</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Common stock, par value $0.001 per share</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">793,594</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$100.89</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$80,065,698.66</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$8,062.62</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">All the shares of common stock being registered hereby are offered for the account of certain selling stockholders who acquired such shares in a private transaction. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Rule 416 under the Securities Act of 1933, this registration statement also covers an indeterminate number of additional shares of common stock as may be issuable with respect to the shares being issued
hereunder as a result of a stock split, stock dividend, capitalization or similar event. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Estimated pursuant to Rule 457(c) under the Securities Act of 1933, as amended, solely for the purposes of calculating the amount of the registration fee, based on the average of the high and low prices of the
registrant&#146;s common stock reported as of January&nbsp;6, 2016 on the NASDAQ Global Market. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g111876g94j50.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LIGAND PHARMACEUTICALS INCORPORATED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders of Ligand Pharmaceuticals Incorporated listed beginning on page 11, together with any additional
selling stockholders listed in any applicable prospectus supplement, may offer and resell up to 793,594 shares of our common stock, par value $0.001 per share. The selling stockholders acquired these shares from us in connection with our acquisition
of Open Monoclonal Technology, Inc., or OMT, pursuant to the terms of the Agreement and Plan of Merger, dated as of December&nbsp;17, 2015, by and among Ligand Pharmaceuticals Incorporated, Open Monoclonal Technology, Inc., Schrader 1 Acquisition,
Inc., Schrader 2 Acquisition, Inc., OMT, LLC and Fortis Advisors LLC, as the stockholders&#146; representative. The closing of the acquisition of OMT occurred on January&nbsp;8, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are not selling any shares of our common stock under this prospectus, and we will not receive any of the proceeds from the
sale of shares by the selling stockholders. The selling stockholders may sell the shares of common stock described in this prospectus through public or private transactions at market prices prevailing at the time of sale or at negotiated prices. We
provide more information about how the selling stockholders may sell their shares of common stock in the section of this prospectus entitled &#147;Plan of Distribution.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>INVESTING IN OUR SECURITIES INVOLVES RISKS. SEE THE &#147;<U><A HREF="#toc111876_4">RISK FACTORS</A></U>&#148; ON
PAGE&nbsp;7 OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE DOCUMENTS INCORPORATED BY REFERENCE, INCLUDING OUR ANNUAL REPORT ON FORM 10-K FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 23, 2015, CONCERNING FACTORS YOU
SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our common stock is listed on the NASDAQ Global Market under the
symbol &#147;LGND.&#148; On January&nbsp;7, 2016, the last reported sales price for our common stock on the NASDAQ Global Market was $98.62 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus is January&nbsp;8, 2016. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_2">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_3">PROSPECTUS SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_4">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_5">FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_6">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_7">SELLING STOCKHOLDERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_8">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_9">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc111876_10">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus is part of an automatic registration statement that we filed with the U.S. Securities and Exchange Commission,
or the SEC, as a &#147;well-known seasoned issuer&#148; as defined in Rule 405 under the Securities Act of 1933, as amended, using a &#147;shelf&#148; registration process. Under this process, selling stockholders named in this prospectus or in one
or more supplements to this prospectus may sell shares of common stock from time to time. Each time any selling stockholder not named herein sells shares of common stock under the registration statement of which this prospectus is a part, such
selling stockholder will provide a copy of this prospectus and any applicable prospectus supplement, as required by law. Any applicable prospectus supplement may add, update or change information contained in this prospectus. If there is any
inconsistency between the information in this prospectus and any applicable prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should carefully read both this prospectus and any applicable
prospectus supplement, together with the additional information described under the heading &#147;Where You Can Find More Information; Incorporation by Reference.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders may offer and sell shares of common stock directly to purchasers, through agents selected by the
selling stockholders, or to or through underwriters or dealers. A prospectus supplement, if required, may describe the terms of the plan of distribution and set forth the names of any agents, underwriters or dealers involved in the sale of shares of
common stock. See &#147;Plan of Distribution.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have not authorized, and no selling stockholder has authorized,
any other person to provide you with different or additional information. If anyone provides you with different or inconsistent information, you should not rely on it. We and the selling stockholders will not make an offer to sell these securities
in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate as of the date on its respective cover, and
that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since
those dates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">When we refer to &#147;Ligand,&#148; &#147;we,&#148; &#147;our,&#148; &#147;us&#148; and the
&#147;Company&#148; in this prospectus, we mean Ligand Pharmaceuticals Incorporated and its consolidated subsidiaries, unless otherwise specified. When we refer to &#147;you,&#148; we mean the holders of the applicable series of securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_2"></A>WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Available Information </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We file reports, proxy statements and other information with the SEC. Information filed with the SEC by us can be inspected
and copied at the Public Reference Room maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may also obtain copies of this information by mail from the Public Reference Room of the SEC at prescribed rates. Further information on
the operation of the SEC&#146;s Public Reference Room in Washington, D.C. can be obtained by calling the SEC at 1-800-SEC-0330. The SEC also maintains a web site that contains reports, proxy and information statements and other information about
issuers, such as us, who file electronically with the SEC. The address of that website is <I>http://www.sec.gov</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our
web site address is www.ligand.com. The information on our web site, however, is not, and should not be deemed to be, a part of this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not
contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Other documents establishing the terms of the offered securities are or may be filed as exhibits to
the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the
actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement at the SEC&#146;s Public Reference Room in Washington, D.C. or through the SEC&#146;s website, as provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Incorporation by Reference </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The SEC&#146;s rules allow us to &#147;incorporate by reference&#148; information into this prospectus, which means that we
can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC
will automatically update and supersede that information. Any statement contained in a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement
contained in this prospectus modifies or replaces that statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We incorporate by reference our documents listed below
and any future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, which we refer to as the &#147;Exchange Act&#148; in this prospectus, between the date of this prospectus and
the termination of the offering of the securities described in this prospectus. We are not, however, incorporating by reference any documents or portions thereof, whether specifically listed below or filed in the future, that are not deemed
&#147;filed&#148; with the SEC, including our Compensation Committee report and performance graph or any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item&nbsp;9.01 of Form 8-K. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have
previously been filed with the SEC: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">our Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, filed with the SEC on February&nbsp;23, 2015; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">our Quarterly Reports on Form 10-Q and Form 10-Q/A for the quarters ended March&nbsp;31, 2015,&nbsp;June&nbsp;30, 2015 and September&nbsp;30, 2015,
filed with the SEC on May&nbsp;11, 2015,&nbsp;August&nbsp;5, 2015 and November&nbsp;9, 2015 (as amended on December&nbsp;23, 2015), respectively; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">our definitive proxy statement on Schedule 14A filed with the SEC on March&nbsp;13, 2015; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">our Current Reports on Form 8-K filed with the SEC on February&nbsp;2, 2015;&nbsp;April&nbsp;10, 2015;&nbsp;April&nbsp;23,
2015;&nbsp;April&nbsp;24, 2015;&nbsp;April&nbsp;29, 2015;&nbsp;May&nbsp;5, 2015;&nbsp;May&nbsp;8, 2015;&nbsp;June&nbsp;2, 2015;&nbsp;August&nbsp;6, 2015; September&nbsp;10, 2015;&nbsp;September&nbsp;16, 2015;&nbsp;September&nbsp;17,
2015;&nbsp;September&nbsp;29, 2015;&nbsp;November&nbsp;10, 2015;&nbsp;November&nbsp;25, 2015;&nbsp;December&nbsp;18, 2015; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">the description of our common stock contained in our registration statement on Form 8-A filed with the SEC on November&nbsp;21, 1994, and any
amendment or report filed with the SEC for the purposes of updating such description. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All reports and
other documents we subsequently file pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering, but excluding any information furnished to, rather than filed with, the SEC, will also be
incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You may request a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless
they are specifically incorporated by reference in the documents) by writing or telephoning us at the following address: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LIGAND
PHARMACEUTICALS INCORPORATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11119 North Torrey Pines Road, Suite 200 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">La Jolla, CA 92037 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(858) 550-7500
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference
in this prospectus and any accompanying prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_3"></A>PROSPECTUS SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>This summary highlights information contained elsewhere or incorporated by reference into this prospectus. Because it is a
summary, it does not contain all of the information that you should consider before investing in our securities. You should read this entire prospectus carefully, including the section entitled &#147;Risk Factors&#148; and the documents that we
incorporate by reference into this prospectus, before making an investment decision. Unless the context requires otherwise, in this prospectus and the information incorporated herein by reference, the terms &#147;Ligand,&#148; &#147;we,&#148;
&#147;us&#148; and &#147;our&#148; refer to Ligand Pharmaceuticals Incorporated, a Delaware corporation. References to &#147;Ligand Pharmaceuticals Incorporated,&#148; &#147;Ligand,&#148; the &#147;Company,&#148; &#147;we&#148; or &#147;our&#148;
include our wholly-owned subsidiaries. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Ligand </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are a biopharmaceutical company focused on developing and acquiring technologies that help pharmaceutical companies
discover and develop medicines. Over our more than 25 year history, we have employed research technologies such as nuclear receptor assays, high-throughput computer screening, formulation science and liver targeted prodrug technologies to assist
companies in their work toward securing prescription drug approvals. We currently have partnerships and license agreements with over 74 pharmaceutical and biotechnology companies, and over 125 different programs under license with us are currently
in various stages of development. We have contributed novel research and technologies for approved medicines that treat cancer, osteoporosis, fungal infections, low blood platelets, among others. Our partners have programs currently in clinical
development targeting seizure, coma, cancer, diabetes, cardiovascular disease, muscle wasting, liver disease, and kidney disease, among others. We have over 500 issued patents worldwide, and over 300 currently pending patent applications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We were incorporated in Delaware in 1987. Our principal executive offices are located at 11119 North Torrey Pines Road, Suite
200, La Jolla, California, 92037, and our telephone number is (858)&nbsp;550-7500. Our email address is investors@ligand.com. Our website address is www.ligand.com. The information on, or accessible through, our website is not part of this
prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our trademarks, trade names and service marks referenced herein include Ligand and Captisol. All other
trademarks, trade names and service marks appearing in this prospectus are the property of their respective owners. Use or display by us of other parties&#146; trademarks, trade dress or products is not intended to and does not imply a relationship
with, or endorsement or sponsorship of, us by the trademark or trade dress owners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Offering </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Common stock offered by the selling stockholders:</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">793,594 shares</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our
common stock is listed on the NASDAQ Global&nbsp;&nbsp; Market under the symbol:</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">LGND</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Use of proceeds:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the shares of common stock being offered
under this prospectus are being sold by the selling stockholders. Accordingly, we will not receive any process from the sale of these shares</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent Developments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>OMT Merger</I>.&nbsp;&nbsp;As previously announced, on December&nbsp;17, 2015, we entered into an Agreement and Plan of
Merger (the &#147;Merger Agreement&#148;), by and among Ligand Pharmaceuticals Incorporated, Open Monoclonal Technology, Inc. (&#147;OMT&#148;), Schrader 1 Acquisition, Inc., Schrader 2 Acquisition, Inc., OMT, LLC and Fortis Advisors LLC, as the
stockholders&#146; representative. Pursuant to the terms of the Merger Agreement, Schrader 1 </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Acquisition, Inc. merged with and into OMT, with OMT as the surviving corporation (&#147;Merger 1&#148;) and, immediately following Merger 1, OMT merged with and into Schrader 2 Acquisition,
Inc., with Schrader 2 Acquisition, Inc. as the surviving corporation (together with Merger 1, the &#147;Merger&#148;). The Merger closed on January&nbsp;8, 2016 (the &#147;Closing&#148;), and as a result, OMT became our wholly-owned subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At the Closing, we paid equityholders of OMT approximately $181.8 million, consisting of approximately $96.4 million in cash
and $85.4 million in our common stock. The aggregate consideration for the Merger was subject to certain adjustments, including amounts based on changes in OMT&#146;s net working capital and cash amounts at the Closing. The number of shares of our
common stock issued was based on a 20-day volume weighted average price of our common stock calculated three days prior to the Closing, subject to a pricing collar under which the number of shares of our common stock issued at the Closing would not
be greater than 817,608 or less than 739,740. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the Merger Agreement, approximately $6.9 million (7.5% of the
cash consideration for the Merger) and a number of our common stock shares equal to 7.5% of the stock consideration for the Merger (the &#147;Escrow Amount&#148;) was held back at the Closing to secure indemnification obligations of OMT and
post-Closing merger consideration adjustments (the &#147;Escrow Fund&#148;). The Escrow Fund will be released 15 months from the date of the Closing, less the aggregate amount of any pending claims as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the Closing, we and OMT&#146;s former chief executive officer, Roland Buelow, executed an offer letter (the
&#147;Buelow Employment Agreement&#148;) pursuant to which Dr.&nbsp;Buelow joined us as Vice President, Antibody Technologies. Pursuant to the Buelow Employment Agreement, and upon the terms and subject to the conditions thereof, Dr.&nbsp;Buelow
will receive a base annual salary of $500,000, as well as an annual target bonus of $1.0 million, Ligand stock options with an aggregate value of $2.0 million on the date of grant and performance stock units with an aggregate value of $18.0 million
on the date of grant. Dr.&nbsp;Buelow&#146;s performance stock units will vest based on achievement of certain milestones related to the OMT business, including annual revenues, research and development milestones and entering into new business
relationships. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>About OMT</I>. OMT is a leader in genetic engineering of animals for the generation of monospecific,
bispecific and polyspecific human therapeutic antibodies, as well as naturally optimized human antibodies. OMT has current leading antibody drug discovery technology and has out-licensed the technology to 16 biotechnology partners for use in their
development of novel antibodies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>OMT OmniAb Antibody Platform.</I> OmniAb refers to three transgenic animal platforms
for generation of naturally optimized monospecific, bispecific and polyspecific human therapeutic antibodies. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><B>OmniRat<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B> is one of the industry&#146;s first human monoclonal antibody technology
based on rats. It has a complete immune system with a diverse antibody repertoire and is genetically engineered to produce antibodies with human idiotypes. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><B>OmniMouse<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></B> is a transgenic mouse that complements OmniRat and expands epitope
coverage and therefore antibody discovery capabilities for partners. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><B>OmniFlic&#153;</B> is an engineered rat with a fixed light chain for development of bispecific, fully human antibodies. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All three platforms use patented technology, and deliver fully human antibodies with high affinity, specificity, expression,
solubility and stability, thereby facilitating more rapid discovery of therapeutic antibodies for partners. OmniAb allows partners to identify high-affinity antibodies in a patented animal system, that therefore have been optimized by in vivo
selection pressures, accelerating development times and increasing the prospects of technical success. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">OMT has received patent protection in 27 countries, including the United
States, multiple countries throughout Europe, Japan and China and has 19 patent applications pending worldwide. The patents and applications owned by OMT are expected to expire between 2028 and 2033 and partners are able to use the OMT patented
technology to generate novel antibodies, which may be entitled to additional patent protection. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Throughout this
prospectus, when we refer to the shares of our common stock, the offer and sale of which are being registered on behalf of the selling stockholders, we are referring to the shares of common stock issued to the former OMT equityholders that we agreed
to register pursuant to the Merger Agreement. When we refer to &#147;selling stockholders&#148; in this prospectus, we are referring to former OMT equityholders. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_4"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Investment in any securities offered pursuant to this prospectus and any applicable prospectus supplement involves risks.
You should carefully consider the risk factors incorporated by reference to our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus, and
all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained in the applicable prospectus supplement before
acquiring any of such securities. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not realize all of the anticipated benefits of the acquisition of OMT. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The success of our acquisition of OMT will depend, in part, on our ability to realize the anticipated growth opportunities
from combining the businesses of our company and OMT. Our ability to realize these benefits, and the timing of this realization, depend upon a number of factors and future events, many of which we and OMT, individually or collectively, cannot
control. These factors and events include: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">integrating the OmniRat, OmniMouse and OmniFlic transgenic animal platforms, which are collectively referred to as OmniAb, into our company;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">obtaining and maintaining patent rights relating to the OmniAb platforms; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">retaining key employees; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">consolidating corporate and administrative functions; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">the success of on-going or later clinical trials of licensed users of the OmniAb platform; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Food and Drug Administration or other regulatory agency&#146;s review of our licensees filings and clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">competition from other companies offering similar antibody platform technologies; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">minimizing the diversion of management&#146;s attention from ongoing business concerns. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We cannot assure you that any of the foregoing factors will not have an adverse effect on our business, financial condition
and prospects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Acquisitions involve risks, including inaccurate assessment of undisclosed, contingent or other
liabilities or problems. Following the completion of the merger, the surviving corporation, which is now our wholly-owned subsidiary, possesses not only all of the assets, but also all of the liabilities of OMT. It is possible that undisclosed,
contingent or other liabilities or problems may arise in the future of which we were previously unaware. These undisclosed liabilities could have an adverse effect on our business, financial condition and prospects. For example, OMT has not
previously had its financial statements audited by an independent accounting firm. We will file OMT&#146;s audited financial statements on a Form 8-K/A within 71 days of the due date of the Form 8-K required in connection with the Closing and the
audit may uncover liabilities or problems with OMT that we were not aware of prior to the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may be unable to maintain OMT&#146;s key
customer relationships. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Many of OMT&#146;s platform license agreements with key customers and users of its OmniAb
platform are terminable at will. Accordingly, OMT is subject to the risk of losing one or more of its key customers, and thus we cannot assure you that any key customer will continue to remain as a party to its platform license agreement
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
with OMT following the Merger. If we were to lose any of OMT&#146;s key customers through a termination of their platform license agreements, either as a result of the Merger or for any other
reason, there may be an adverse effect to the expected benefits from the OMT acquisition and our business, financial condition and prospects as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If the selling stockholders immediately sell our common stock received in the Merger, they could cause our common stock price to decline. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The issuance of our common stock in connection with the Merger could have the effect of depressing the market price for our
common stock. The registration statement, of which this prospectus is a part, will become effective automatically upon filing at which time all of the shares of common stock issued to the former equityholders of OMT in connection with the closing of
the Merger will be available for resale in the public market. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_5"></A>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospects and the documents incorporated by reference herein contain, and any prospectus supplement and the documents
incorporated therein may contain, forward-looking statements that involve a number of risks and uncertainties. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and
factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking
statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Forward-looking statements can be identified by the use of forward-looking words such as
&#147;believes,&#148; &#147;expects,&#148; &#147;hopes,&#148; &#147;may,&#148; &#147;will,&#148; &#147;plan,&#148; &#147;intends,&#148; &#147;estimates,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;continue,&#148;
&#147;seeks,&#148; &#147;pro forma,&#148; or &#147;anticipates,&#148; or other similar words (including their use in the negative), or by discussions of future matters such as those related to our royalty revenues, collaborative revenues and
milestones, and product development, as well as other statements that are not historical. These statements include but are not limited to statements under the captions &#147;Prospectus Summary,&#148; and &#147;Risk Factors&#148; as well as other
sections in this prospectus and the documents incorporated by reference herein. You should be aware that the occurrence of any of the events discussed under the caption &#147;Risk Factors&#148; and elsewhere in this report could substantially harm
our business, results of operations and financial condition and that if any of these events occurs, the trading price of our stock could decline and you could lose all or a part of the value of your investment in our stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The cautionary statements made in this report are intended to be applicable to all related forward-looking statements wherever
they may appear in this report. We urge you not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we assume no obligation to update our forward-looking statements,
even if new information becomes available in the future. This caution is made under the safe harbor provisions of Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_6"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders will make offers and sales pursuant to this prospectus and any applicable prospectus supplement. We
will not receive any proceeds from the sale or other disposition by the selling stockholders of the shares of our common stock covered hereby or interests therein. The selling stockholders will pay any expenses incurred by the selling stockholders
for brokerage, accounting, tax or legal services or any other expenses incurred by the selling stockholders in disposing of these shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered by
this prospectus, including, without limitation, all registration fees, listing fees of the NASDAQ Global Market and fees and expenses of our counsel and our accountants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_7"></A>SELLING STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are registering for resale an aggregate of 793,594 shares of our common stock that may be sold by the selling stockholders
set forth herein. Such shares include the shares of our outstanding common stock issued to the former stockholders of OMT in connection with the closing of the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;6.13 of the Merger Agreement, we agreed to file a registration statement with the Commission to
register for resale the shares of our common stock that we issued at the closing as part of the consideration for the merger. We agreed to keep such registration statement effective until all such shares held by former OMT equityholders who are not
our &#147;affiliates,&#148; as defined in Rule 144 under the Securities Act </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Beneficial ownership is determined in
accordance with the rules of the Commission, and includes voting or investment power with respect to our common stock. To our knowledge, the selling stockholders have sole voting and investment power with respect to their respective shares of common
stock, unless otherwise noted below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders may sell some, all or none of their respective shares of
common stock offered by this prospectus from time to time. We do not know how long the selling stockholders will hold their respective shares of common stock covered hereby before selling them. Pursuant to our offer letter of employment to Roland
Buelow, we have agreed to issue options to purchase our common stock and performance restricted stock units to Roland Buelow effective upon the closing of the transactions contemplated by the Merger Agreement and Roland Buelow&#146;s employment with
us. Other than the Merger Agreement, the agreements contemplated thereby and the offer letter of employment to Roland Buelow described above, we currently have no agreements, arrangements or understandings with the selling stockholders regarding the
sale of any of the shares of common stock being offered hereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:109.25pt; font-size:9pt; font-family:Times New Roman"><B>Name of Selling Stockholder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Prior to the Offering</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:45.60pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Shares
of<BR>Common<BR>Stock&nbsp;Being<BR>Registered<BR>for Resale<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>After the Offering</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:27.50pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Shares
of<BR>Common<BR>Stock<BR>Beneficially<BR>Owned</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:54.85pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Percent of<BR>Shares of<BR>Common<BR>Stock<BR>Outstanding<SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:34.35pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Shares of<BR>Common<BR>Stock<BR>Beneficially<BR>Owned<SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:48.00pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Percent of<BR>Shares of<BR>Common<BR>Stock<BR>Outstanding</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top">Essex Woodlands Health Ventures Fund VII, L.P.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">438,577<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.1%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">438,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Roland Buelow<SUP STYLE="font-size:85%; vertical-align:top">(4) </SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">251,972<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.2%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">251,972</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Richard D. Murdock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,986<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,986</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Marianne Bruggeman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,919<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Brian Lundstrom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,518<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(11)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Sandra Cavanah Tucher<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,393<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(12)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">SVB Financial Group</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,377<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(13)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Thomas Kiley<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,373<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(14)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Lighthouse Capital Partners VI, L.P.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,471<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(15)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">G&amp;H Partners</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,585<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(16)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,585</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">C. Geoffrey Davis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,973<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(17)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Gillian Neuberger</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,973<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(18)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Bruce A. Zivian</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">477<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(19)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Based on 19,949,732 shares outstanding as of January 7, 2016 plus 793,594 shares issued pursuant to the acquisition of OMT. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Represents the number of shares being registered on behalf of the selling stockholders pursuant to this registration statement, which may be less
than the total number of shares beneficially owned by such selling stockholder. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Assumes that the selling stockholders dispose of all of the shares of common stock covered by this prospectus and do not acquire beneficial
ownership of any additional shares. The registration of these shares does not necessarily mean that the selling stockholders will sell all or any portion of the shares covered by this prospectus. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Consists of 14,116 shares held jointly by Mr.&nbsp;Buelow and Friederike Buelow as community property with right of survivorship and 237,856 shares
held by Buelow Investments, LLC. Mr.&nbsp;Buelow serves as the Agent of Buelow Investments, LLC. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Consists of 3,104 shares held directly by Ms.&nbsp;Cavanah Tucher and 7,289 shares held by The James Christopher Tucher and Sandra Tucher 2000 Trust
(the &#147;Cavanah Tucher Trust&#148;). Ms.&nbsp;Tucher services as a trustee of the Cavanah Tucher Trust. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Consists of 5,093 shares held jointly by Mr.&nbsp;Kiley and Nancy L. Kiley as community property with right of surviviorship and 3,280 shares held
by the Kiley Revocable Trust (the &#147;Kiley Trust&#148;). Mr.&nbsp;Kiley serves as the trustee of the Kiley Trust. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 32,893 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 1,059 shares which are currently held in escrow for the benefit of Mr.&nbsp;Buelow and Friederike Buelow as community property with right
of survivorship and 17,839 shares which are currently held in escrow for the benefit of Buelow Investments, LLC, in each case, subject to certain indemnification obligations set forth in the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 2,024 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 1,269 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 939 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 233 shares which are currently held in escrow for the benefit of Ms.&nbsp;Cavanah Tucher and 547 shares which are currently held in escrow
for the benefit of the Cavanah Tucher Trust, in each case, subject to certain indemnification obligations set forth in the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 778 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 382 shares which are currently held in escrow for the benefit of Mr.&nbsp;Kiley and Nancy L. Kiley as community property with right of
surviviorship and 246 shares which are currently held in escrow for the benefit of the Kiley Trust, in each case, subject to certain indemnification obligations set forth in the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 560 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 269 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 223 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(18)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 223 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in
the Merger Agreement. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(19)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:9pt">Includes 36 shares which are currently held in escrow for the benefit of the holder, subject to certain indemnification obligations set forth in the
Merger Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_8"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders and any of their pledgees, assignees and successors-in-interest may, from time to time in one or more
transactions on NASDAQ or any other organized market where our shares of common stock may be traded, sell any or all of their shares of our common stock offered hereby through underwriters, dealers or agents, directly to one or more purchasers or
through a combination of any such methods of sale. The selling stockholders may distribute the shares of our common stock offered hereby from time to time in one or more transactions: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">at a fixed price or prices, which may be changed; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">at market prices prevailing at the time of sale; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">at prices related to such prevailing market prices; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">at negotiated prices. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders may use any one or more of the following methods when selling the shares offered hereby: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">one or more block trades in which the broker-dealer will attempt to sell such shares as agent or principal of all of such shares held by the
selling stockholder; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">purchases by a broker-dealer as principal and resale by such broker-dealer for its account; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">an exchange distribution in accordance with the rules of the applicable exchange; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">privately negotiated transactions; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">short sales; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">agreements between broker-dealers and the selling stockholder to sell a specified number of such shares at a stipulated price per share; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">any other method permitted pursuant to applicable law. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the selling stockholders effect such transactions by selling shares of common stock offered hereby to or through
underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common
stock offered hereby for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of
transactions involved). In connection with sales of the shares of common stock offered hereby or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of
common stock offered hereby in the course of hedging in positions they assume. The selling stockholders may also sell shares of common stock offered hereby short and deliver shares of common stock covered by this prospectus to close out short
positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common stock offered hereby to broker-dealers that in turn may sell such shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders may pledge or grant a security interest in some or all
of the shares of common stock offered hereby and owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell such shares of common stock from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as
selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of common stock offered hereby in other circumstances, in which case the transferees, donees, pledgees or other successors in interest will
be the selling beneficial owners for purposes of this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders and any broker-dealer
participating in the distribution of the shares of common stock offered hereby may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such
broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of common stock offered hereby is made, a prospectus supplement, if required, will be distributed which
will set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the
selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Under
the securities laws of some states, the shares of common stock offered hereby may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock offered hereby may not be sold
unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">There can be no assurance that the selling stockholders will sell any or all of the shares of common stock registered pursuant
to the registration statement of which this prospectus forms a part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The selling stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and the rules and regulations thereunder, including, without limitation, Regulation M of
the Exchange Act, which may limit the timing of purchases and sales of any of the shares of common stock offered hereby by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged
in the distribution of the shares of common stock offered hereby to engage in market-making activities with respect to the shares of common stock offered hereby. All of the foregoing may affect the marketability of the shares of common stock offered
hereby and the ability of any person or entity to engage in market-making activities with respect to the shares of common stock offered hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock offered hereby
will be freely tradable in the hands of persons other than our affiliates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_9"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Latham&nbsp;&amp; Watkins LLP will pass upon certain legal matters relating to the issuance and sale of the securities offered
hereby on behalf of Ligand Pharmaceuticals Incorporated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc111876_10"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The consolidated financial statements as of December&nbsp;31, 2014 and 2013 and for the three years in the period ended
December&nbsp;31, 2014, and the effectiveness of Ligand Pharmaceuticals Incorporated&#146;s internal control over financial reporting, incorporated by reference in this registration statement have been incorporated by reference in reliance upon the
reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Other Expenses of Issuance and Distribution </I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The
following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#d1fcfc" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,602.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#d1fcfc" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">25,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#d1fcfc" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,602.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Indemnification of Directors and Officers </I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As
permitted by Section&nbsp;102 of the Delaware General Corporation Law, we have adopted provisions in our certificate of incorporation and bylaws that limit or eliminate the personal liability of our directors for a breach of their fiduciary duty of
care as a director. The duty of care generally requires that, when acting on behalf of the corporation, directors exercise an informed business judgment based on all material information reasonably available to them. Consequently, a director will
not be personally liable to us or our stockholders for monetary damages or breach of fiduciary duty as a director, except for liability for: any breach of the director&#146;s duty of loyalty to us or our stockholders; any act or omission not in good
faith or that involves intentional misconduct or a knowing violation of law; any act related to unlawful stock repurchases, redemptions or other distributions or payment of dividends; or any transaction from which the director derived an improper
personal benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">These limitations of liability do not affect the availability of equitable remedies such as injunctive
relief or rescission. As permitted by Section&nbsp;145 of the Delaware General Corporation Law, the certificates of incorporation and bylaws provide that we may indemnify our directors, officers, employees and agents to the fullest extent permitted
by the Delaware General Corporation Law, subject to limited exceptions; we may advance expenses to our directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to
limited exceptions; and the rights provided in the certificates of incorporation and bylaws are not exclusive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In
addition, we have entered into separate indemnification agreements with our directors and officers which may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements
may require us, among other things, to indemnify our officers and directors against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct. These
indemnification agreements also may require us to advance any expenses incurred by the directors or officers as a result of any proceeding against them as to which they could be indemnified. In addition, we have purchased a policy of directors&#146;
and officers&#146; liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances. These indemnification provisions and the indemnification agreements may be
sufficiently broad to permit indemnification of our officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We also maintain a policy of directors&#146; liability insurance that insures the directors and officers against the cost of
defense, settlement or payment of a judgment under certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">See also the undertakings set out in response
to Item&nbsp;17. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Exhibits </I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <I>Exhibits </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A list of exhibits filed with this registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated
herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;17.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Undertakings </I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) The undersigned registrant
hereby undertakes: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) To include any prospectus required by
Section&nbsp;10(a)(3) of the Securities Act of 1933; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) To reflect in the prospectus any facts or
events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in this registration statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>,
<I>however</I>, that the undertakings set forth in paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The undersigned registrant hereby further undertakes that,
for the purpose of determining liability under the Securities Act of 1933 to any purchase: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(1) Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(2) Each prospectus required to be filed pursuant to Rule
424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of
the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in
the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document
immediately prior to such effective date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) The undersigned registrant hereby undertakes that, for the purpose of
determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i)&nbsp;Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed
pursuant to Rule 424; (ii)&nbsp;any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii)&nbsp;the portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)&nbsp;any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, and will
be governed by the final adjudication of such issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) If and when applicable, the undersigned registrant, hereby
undertakes to file an application for the purpose of determining the eligibility of the Trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission
under Section&nbsp;305(b)(2) of the Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Diego, California on
January&nbsp;8, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LIGAND PHARMACEUTICALS INCORPORATED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John L. Higgins</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>John L. Higgins</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><I>Chief Executive Officer</I></B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints John L. Higgins and
Charles S. Berkman, and each of them acting individually, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to file and sign any and all amendments, including post-effective amendments and any registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act, to this registration statement, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. This power of attorney shall be
governed by and construed with the laws of the State of Delaware and applicable federal securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the
requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7.5pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>TITLE</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>DATE</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John L. Higgins</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>John L. Higgins</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer and Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Charles Berkman</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Charles Berkman</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President, General Counsel and Secretary</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John W. Kozarich</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>John W. Kozarich</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman and Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jason M. Aryeh</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jason M. Aryeh</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Todd C. Davis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Todd C. Davis</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ David M. Knott</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David M. Knott</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John L. LaMattina</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>John L. LaMattina</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Sunil Patel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sunil Patel</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Stephen L. Sabba</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stephen L. Sabba</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">January&nbsp;8, 2016</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7.5pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; width:26.65pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Agreement and Plan of Merger, dated December 17, 2015, by and among the Company, Open Monoclonal Technology, Inc., Schrader 1 Acquisition, Inc., Schrader 2
Acquisition, Inc., OMT, LLC and Fortis Advisors LLC, as the stockholders&#146; representative (incorporated by reference to Exhibit 2.1 of the Company&#146;s Current Report on Form 8-K filed with the SEC on December 18, 2015).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to the Company&#146;s Registration Statement on Form S-4 (No.
333-58823) filed with the SEC on July 9, 1988).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Certificate of Amendment of the Amended and Restated Certificate of Incorporation of the Company, dated June 14, 2000 (incorporated by reference to the
Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2000).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Certificate of Amendment of the Amended and Restated Certificate of Incorporation of the Company, dated June 30, 2004 (incorporated by reference to the
Company&#146;s Quarterly Report on Form 10-Q for the period ended June 30, 2004).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Certificate of Amendment of the Amended and Restated Certificate of Incorporation of the Company, dated November 17, 2010 (incorporated by reference to the
Company&#146;s Current Report on Form 8-K filed on November 19, 2010).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Amended Certificate of Designation of Rights, Preferences and Privileges of Series A Participating Preferred Stock of the Company (incorporated by reference to
the Company&#146;s Quarterly Report on Form 10-Q for the period ended March 31, 1999).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Third Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 of the Company&#146;s Current Report on Form 8-K filed with the SEC
on September 10, 2015).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Form of Specimen Certificate Representing Common Stock (incorporated by reference to the Company&#146;s Registration Statement on Form S-1 (No. 333-47257) filed
with the SEC on April 16, 1992, as amended).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Opinion of Latham &amp; Watkins LLP (filed herewith).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Consent of Latham &amp; Watkins LLP (included in Exhibit 5.1).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Consent of Grant Thornton LLP, independent registered public accounting firm.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Powers of Attorney (incorporated by reference to the signature page hereto).</P></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d111876dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">12670 High Bluff Drive</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">San
Diego, California 92130</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Tel:&nbsp;+1.858.523.5400&nbsp;Fax:&nbsp;+1.858.523.5450</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">www.lw.com</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top">


<IMG SRC="g1118761.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">FIRM / AFFILIATE OFFICES</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2016</P>
<P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ligand Pharmaceuticals Incorporated</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11119 North Torrey Pines Road, Suite 200</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">La Jolla, California
92037</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Abu&nbsp;Dhabi</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Barcelona</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Beijing</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Boston</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Brussels</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Century City</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Chicago</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Dubai</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">D&uuml;sseldorf</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Frankfurt</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Hamburg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Hong Kong</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Houston</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">London</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Los Angeles</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Madrid</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Milan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Moscow</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Munich</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">New Jersey</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">New York</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Orange&nbsp;County</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Paris</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Riyadh</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Rome</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">San Diego</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">San Francisco</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Shanghai</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Silicon Valley</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Singapore</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Tokyo</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Washington, D.C.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Registration Statement on Form S-3 of 793,594 shares of common stock, par value $0.001 per share</U> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as special
counsel to Ligand Pharmaceuticals Incorporated, a Delaware corporation (the &#147;<U>Company</U>&#148;), in connection with the filing on the date hereof with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) of a
registration statement on Form S-3 (the &#147;<U>Registration Statement</U>&#148;) under the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;), relating to the registration for resale by the selling stockholders named in the
Registration Statement of 793,594 shares of the Company&#146;s common stock, par value $0.001 per share (the &#147;<U>Shares</U>&#148;), which were issued to the former stockholders of Open Monoclonal Technologies, Inc., a Delaware corporation
(&#147;<U>OMT</U>&#148;), pursuant to the terms of that certain Agreement and Plan of Merger (the &#147;<U>Merger Agreement</U>&#148;), dated as of December&nbsp;17, 2015, by and among the Company, OMT, OMT, LLC, Schrader 1 Acquisition, Inc.,
Schrader 2 Acquisition, Inc., and Fortis Advisors LLC, as the stockholders&#146; representative. This opinion is being furnished in connection with the requirements of Item&nbsp;601(b)(5) of Regulation S-K under the Act, and no opinion is expressed
herein as to any matter pertaining to the contents of the Registration Statement or related prospectus (the &#147;<U>Prospectus</U>&#148;), other than as expressly stated herein with respect to the issuance of the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter.
With the Company&#146;s consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General
Corporation Law of the State of Delaware (the &#147;<U>DGCL</U>&#148;), and we express no opinion with respect to any other laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject
to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, the issuance and sale of the Shares has been duly authorized by all necessary corporate action of the Company, and the Shares have been validly
issued and are fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>January 8, 2016</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Page </B><B>2</B> </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g1118762.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is for your benefit in connection with the Registration Statement and may be relied upon by
you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the
heading &#147;Legal Matters.&#148; In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Commission thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Latham&nbsp;&amp; Watkins LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>d111876dex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have issued our reports dated February&nbsp;23, 2015, with respect to the consolidated financial statements and internal control over financial reporting
of Ligand Pharmaceuticals Incorporated included in the Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the
aforementioned reports in this Registration Statement, and to the use of our name as it appears under the caption &#147;Experts.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ GRANT THORNTON
LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2016 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g1118761.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g1118761.jpg
M_]C_X  02D9)1@ ! 0$!+ $L  #_X@Q824-#7U!23T9)3$4  0$   Q(3&EN
M;P(0  !M;G1R4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&5     !)14,@
M<U)'0@                  ]M8  0    #3+4A0("
M                                             !%C<')T   !4
M #-D97-C   !A    &QW='!T   !\    !1B:W!T   "!    !1R6%E:   "
M&    !1G6%E:   "+    !1B6%E:   "0    !1D;6YD   "5    '!D;61D
M   "Q    (AV=65D   #3    (9V:65W   #U    "1L=6UI   #^    !1M
M96%S   $#    "1T96-H   $,     QR5%)#   $/   " QG5%)#   $/
M" QB5%)#   $/   " QT97AT     $-O<'ER:6=H=" H8RD@,3DY."!(97=L
M971T+5!A8VMA<F0@0V]M<&%N>0  9&5S8P         2<U)'0B!)14,V,3DV
M-BTR+C$              !)S4D="($E%0S8Q.38V+3(N,0
M                                                    6%E:(
M     /-1  $    !%LQ865H@                     %A96B        !O
MH@  ./4   .06%E:(        &*9  "WA0  &-I865H@        )*    ^$
M  "VSV1E<V,         %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M    %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M                                  !D97-C         "Y)14,@-C$Y
M-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(
M     "Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M
M('-21T(                             9&5S8P         L4F5F97)E
M;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0
M    +%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR
M+C$                                  '9I97<      !.D_@ 47RX
M$,\4  /MS  $$PL  UR>     5A96B       $P)5@!0    5Q_G;65A<P
M       !                         H\    "<VEG(     !#4E0@8W5R
M=@        0     !0 *  \ %  9 !X (P H "T ,@ W #L 0 !% $H 3P!4
M %D 7@!C &@ ;0!R '< ? "! (8 BP"0 )4 F@"? *0 J0"N +( MP"\ ,$
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M])5?E<F6-):?EPJ7=9?@F$R8N)DDF9"9_)IHFM6;0INOG!R<B9SWG62=TIY
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M 2(  A$! Q$!_\0 'P   04! 0$! 0$           $" P0%!@<("0H+_\0
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g1118762.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g1118762.jpg
M_]C_X  02D9)1@ ! 0$!+ $L  #_X@Q824-#7U!23T9)3$4  0$   Q(3&EN
M;P(0  !M;G1R4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&5     !)14,@
M<U)'0@                  ]M8  0    #3+4A0("
M                                             !%C<')T   !4
M #-D97-C   !A    &QW='!T   !\    !1B:W!T   "!    !1R6%E:   "
M&    !1G6%E:   "+    !1B6%E:   "0    !1D;6YD   "5    '!D;61D
M   "Q    (AV=65D   #3    (9V:65W   #U    "1L=6UI   #^    !1M
M96%S   $#    "1T96-H   $,     QR5%)#   $/   " QG5%)#   $/
M" QB5%)#   $/   " QT97AT     $-O<'ER:6=H=" H8RD@,3DY."!(97=L
M971T+5!A8VMA<F0@0V]M<&%N>0  9&5S8P         2<U)'0B!)14,V,3DV
M-BTR+C$              !)S4D="($E%0S8Q.38V+3(N,0
M                                                    6%E:(
M     /-1  $    !%LQ865H@                     %A96B        !O
MH@  ./4   .06%E:(        &*9  "WA0  &-I865H@        )*    ^$
M  "VSV1E<V,         %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M    %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M                                  !D97-C         "Y)14,@-C$Y
M-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(
M     "Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M
M('-21T(                             9&5S8P         L4F5F97)E
M;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0
M    +%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR
M+C$                                  '9I97<      !.D_@ 47RX
M$,\4  /MS  $$PL  UR>     5A96B       $P)5@!0    5Q_G;65A<P
M       !                         H\    "<VEG(     !#4E0@8W5R
M=@        0     !0 *  \ %  9 !X (P H "T ,@ W #L 0 !% $H 3P!4
M %D 7@!C &@ ;0!R '< ? "! (8 BP"0 )4 F@"? *0 J0"N +( MP"\ ,$
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M])5?E<F6-):?EPJ7=9?@F$R8N)DDF9"9_)IHFM6;0INOG!R<B9SWG62=TIY
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M 2(  A$! Q$!_\0 'P   04! 0$! 0$           $" P0%!@<("0H+_\0
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ML(-3M+_3=(O;^:XMYMOENMK#$]P2=PROE[EYW 8..0_9J_X*1?"']KSQQ?\
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H@^$_#.AZIJ6X7EYI^EP6T]UEMQ\QT4,^6YY)YYKJ:** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g111876g94j50.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g111876g94j50.jpg
M_]C_X  02D9)1@ ! 0$#P /   #_[18D4&AO=&]S:&]P(#,N,  X0DE-! 0
M     &$< 5H  QLE1QP"   "   < E  "')R,C$R,C@V' (% $!-:6-R;W-O
M9G0@5V]R9" M($QI9V%N9"!?($]-5" M($9O<FT@4RTS(&9O<B!,:6=A;F0@
M0V]M;6]N(%-T;V-K #A"24T$)0      $*:;AJ"+:<%8]/%W'_KT^<@X0DE-
M!#H      .4    0     0      "W!R:6YT3W5T<'5T    !0    !0<W13
M8F]O; $     26YT965N=6T     26YT90    !#;')M    #W!R:6YT4VEX
M=&5E;D)I=&)O;VP     "W!R:6YT97).86UE5$585     $       ]P<FEN
M=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O &8 ( !3 &4 = !U '
M  IP<F]O9E-E='5P     0    !";'1N96YU;0    QB=6EL=&EN4')O;V8
M   )<')O;V9#35E+ #A"24T$.P     "+0   !     !       2<')I;G1/
M=71P=71/<'1I;VYS    %P    !#<'1N8F]O;       0VQB<F)O;VP
M %)G<TUB;V]L      !#<FY#8F]O;       0VYT0V)O;VP      $QB;'-B
M;V]L      !.9W1V8F]O;       16UL1&)O;VP      $EN=')B;V]L
M  !"8VMG3V)J8P    $       !21T)#     P    !29" @9&]U8D!OX
M         $=R;B!D;W5B0&_@            0FP@(&1O=6) ;^
M  !"<F1456YT1B-2;'0               !";&0@56YT1B-2;'0
M      !2<VQT56YT1B-0>&Q >.            IV96-T;W)$871A8F]O; $
M    4&=0<V5N=6T     4&=0<P    !09U!#     $QE9G15;G1&(U)L=
M             %1O<"!5;G1&(U)L=                %-C;"!5;G1&(U!R
M8T!9            $&-R;W!7:&5N4')I;G1I;F=B;V]L      YC<F]P4F5C
M=$)O='1O;6QO;F<         #&-R;W!296-T3&5F=&QO;F<         #6-R
M;W!296-T4FEG:'1L;VYG          MC<F]P4F5C=%1O<&QO;F<      #A"
M24T#[0      $ /      0 ! \     !  $X0DE-!"8       X
M    /X   #A"24T$#0      !    '@X0DE-!!D       0    >.$))30/S
M       )           ! #A"24TG$       "@ !          $X0DE- _4
M     $@ +V9F  $ ;&9F  8       $ +V9F  $ H9F:  8       $ ,@
M  $ 6@    8       $ -0    $ +0    8       $X0DE- _@      '
M /____________________________\#Z     #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z   .$))300(       0     0   D    )
M     #A"24T$'@      !      X0DE-!!H      S4    &
M  'U   %C0         !                          $
M!8T   'U                      $                         $
M  $       !N=6QL     @    9B;W5N9'-/8FIC     0       %)C=#$
M   $     %1O<"!L;VYG          !,969T;&]N9P          0G1O;6QO
M;F<   'U     %)G:'1L;VYG   %C0    9S;&EC97-6;$QS     4]B:F,
M   !       %<VQI8V4    2    !W-L:6-E241L;VYG          =G<F]U
M<$E$;&]N9P         &;W)I9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -
M875T;T=E;F5R871E9     !4>7!E96YU;0    I%4VQI8V54>7!E     $EM
M9R     &8F]U;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N
M9P          3&5F=&QO;F<          $)T;VUL;VYG   !]0    !29VAT
M;&]N9P  !8T    #=7)L5$585     $       !N=6QL5$585     $
M  !-<V=E5$585     $       9A;'1486=415A4     0      #F-E;&Q4
M97AT27-(5$U,8F]O; $    (8V5L;%1E>'1415A4     0      "6AO<GI!
M;&EG;F5N=6T    /15-L:6-E2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R
M=$%L:6=N96YU;0    ]%4VQI8V5697)T06QI9VX    '9&5F875L=     MB
M9T-O;&]R5'EP965N=6T    115-L:6-E0D=#;VQO<E1Y<&4     3F]N90
M  ET;W!/=71S971L;VYG          IL969T3W5T<V5T;&]N9P         ,
M8F]T=&]M3W5T<V5T;&]N9P         +<FEG:'1/=71S971L;VYG       X
M0DE-!"@       P    "/_         X0DE-!!$       $! #A"24T$%
M    !     ,X0DE-! P     "Y0    !    H    #@   '@  !I    "W@
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M?\Y_QMCZQ_5+!Q>GV9W3@^M^.-]E1<7M<P?SA'JESVO8W])]-=%T/_D3I_\
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MV56&OTR2/2%;=N_U!]/TOW4%-;_&"+_1P2)^SA[]Y["PM:*-W]GU]JJX>?\
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M]527RJDDI^JDE\JI)*?H/ZW?5S*ZB^O.P@++JV>E;02 7LDN8ZMSH;O9O?\
M3^FLO&^LOUFZ=2W'R<1UK:Q#77U6,>&CVMW6M]C_ .OM_MKQ!)%3[C?]9/K3
MU&LT8F(ZD/T+Z*K'/@_NW6?HJ_\ C%I?57ZKV].L.=G0,G;LII:=PK:?IN>_
MZ+K7?1]GT/\ KB^?$DE/U4DOE5)!3]5)+Y5224_522^54DE/U4DOE5))3]5)
M+Y5224_522^54DE/_]DX0DE-!"$      %4    ! 0    \ 00!D &\ 8@!E
M "  4 !H &\ = !O ', : !O '     3 $$ 9 !O &( 90 @ %  : !O '0
M;P!S &@ ;P!P "  0P!3 #8    ! #A"24T$(@     !1DU- "H    (  @!
M$@ #     0 !   !&@ %     0   &X!&P %     0   '8!*  #     0 "
M   !,0 "    '@   'X!,@ "    %    )P!.P "    "0   +"':0 $
M 0   +P   #H #RZX   )Q  /+K@   G$$%D;V)E(%!H;W1O<VAO<"!#4S8@
M*%=I;F1O=W,I #(P,38Z,#$Z,#<@,30Z-#0Z,3< <G(R,3(R.#8       .@
M 0 #     ?__  "@ @ $     0  !8V@ P $     0   ?4         !@$#
M  ,    !  8   $:  4    !   !-@$;  4    !   !/@$H  ,    !  (
M  (!  0    !   !1@("  0    !              !(     0   $@    !
M.$))30/]       (          #_X0%(34T *@    @ " $2  ,    !
M  $:  4    !    ;@$;  4    !    =@$H  ,    !  (   $Q  (    >
M    ?@$R  (    4    G $[  (    )    L(=I  0    !    O    .@
M  /      0   \     !061O8F4@4&AO=&]S:&]P($-3-B H5VEN9&]W<RD
M,C Q-CHP,3HP-R Q-#HT-#HQ-P!R<C(Q,C(X-@       Z !  ,    !__\
M * "  0    !   %C: #  0    !   !]0         & 0,  P    $ !@
M 1H !0    $   $V 1L !0    $   $^ 2@  P    $  @   @$ !     $
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M(" @(" @(" @(" @(" @(" @(" @( H\/WAP86-K970@96YD/2)W(C\^_]L
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M(C<X071U=[:W%B,R-#4V47%VL;.TM4)35%5ADI31TQDD,T-2EJ'5)W*1_\0
M' $! 0$! 0$! 0$           ,! @0)!P@&_\0 ,Q$!  $!!04'! (#  ,
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MN4FQ'IE$5M%8V3$ZTND[8[+J"[I2+%W'VJ 4?-/&BO8DJT,T]*](788[L_\
MQB8G=,QORQW8_<3X/OOUY\:<?M3Y04<\@<1]B^* O4>T'^I# '7RZBWV& CT
M]740*4!'UB  'P!D[3AK["B7)A@,!@,!@,!@,!@,!@,#X$0* B80* >L1$
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M;RSD18<U#W_7$-\K4?ZK:-EJ/#&O61S#E!>_TU1\A[*^K^PXK\,Z=8%FF1#
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MO:UYA%H*E$ <E<'*"F<S5,YR,S@            #H  'D   >0  >H,P?(@
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M?F.9A$YQ!AC_ -F.CP=CMEJN+\)6WV:P6J4!(J 25DFI*=?@B3[A$'DHY=.
M2+_)3!3L+U\@#-PPR&5?#)P'<1G%-,QR5(I,C!TMRJ4TALVVLGT-2F#(JQDG
M"[-^NW!2Q.TS$4(2-KZ4@Y%8O:X]$1\1PGS-41^HS%A_"UPQZ\X3]3P^KM?M
MA6\'I(6FSNT4B3-PLJZ9"OYN4.F'0A3"7P(V/(<Z$7')MV2)E!(JNM*9QG$9
M&'.1,AE%#%(0A3'.<Y@*0A"@)C&,8P@!2E !$QA$   $1'IF"+SF2\;=AXKM
MPR\#7YEPGHS7DP^B:!"M%SDCK$Y8*K,7>PI),O8#Y[.B54\&+DH^Q%?4;-VR
M3=X\F%GMJ:<(]>(Q4X=>&_:G%%L5AK75$$,E*+$!W,2[PRC:O56&(<I'$W8Y
M,J2I6+%(3 1),I%GL@Y,FRC6KMXJF@;9G",111J'D8Z&KT:T<;EOUWV+812(
M9ZRK3EM2ZHDL8I1500(1K(V%V1,_>5-V:7CQ6((',Q0/T*6<USPC#\C*!KRC
M> ILGV#IM\Y-[7N5=;%V.HH80*!1-[6U)ID[NG<8J:9"=PB)2@'EF=^KS_$?
MH8\<7_+4X,]6\,&\MB4?4JD/;J=KN?G:]*#=KZ_!A*,V_>V<^AR%E=,G/A&'
MN\)TW61,/W:9@\LV*JL8W\?02C9469\H#W@^H_EO:/UG6S(U^*=.D#%WGS>X
M)I/YX7/T)L&;1GI[P);LJ/81Z?\ <EU=\W5)^C49D)SGG/4=BY@8&(O'S[RW
MB<^9NZ_PI;-C..<=1"CEQ95R>/>%ZO\ TDVA]8MCR-?BG3I Q8Y]48JMI?1,
MR4AA18;0FHU0X=>TJDM4W3E(IO+IU.6&6$HB(?<&  'J/3:,YCT^=3C]_9+Y
ME1[ GA\GR6O0NE+,145PL&IM=3 JF.10QSR-1B':@G.GU3,H"BI@4,0>P3@;
MM\NF>><Y';^ P&!$WS4/?]<0WRM1_JMHV6H\,:]9',.4%[_35'R'LKZO[#BO
MPSIU@6:9$,!@>NA???KSXTX_:GST"CCD#_@WBA^/:C_=]B9.TX:^PHFR88#
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M>K[QR#UY!P[MX @(.W,8R7<@(=  0750,J @ !T$#^70,#RX !0 I0 I0
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M44.8QA$1'*BJ/DM<*DWJ?5]GWU=H]2.L6YFL6SJ,:[0,B_CM?12[EVG(KE.
M*)A;I%5N_10.4O6-B8IX'4KP.DJYB9C#A[C=SG 8# 8# 8# 8# 8# 8# 8#
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#/__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
