<SEC-DOCUMENT>0001104659-21-020672.txt : 20210211
<SEC-HEADER>0001104659-21-020672.hdr.sgml : 20210211
<ACCEPTANCE-DATETIME>20210211160615
ACCESSION NUMBER:		0001104659-21-020672
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210209
FILED AS OF DATE:		20210211
DATE AS OF CHANGE:		20210211

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sabba Stephen L
		CENTRAL INDEX KEY:			0001442372

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33093
		FILM NUMBER:		21619640

	MAIL ADDRESS:	
		STREET 1:		DORSET MANAGEMENT CORP
		STREET 2:		485 UNDERHILL BLVD SUITE 205
		CITY:			SYOSSET
		STATE:			NY
		ZIP:			11791

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		3911 SORRENTO VALLEY BLVD
		STREET 2:		SUITE 110
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		858-550-7500

	MAIL ADDRESS:	
		STREET 1:		3911 SORRENTO VALLEY BLVD
		STREET 2:		SUITE 110
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm216285-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-02-09</periodOfReport>

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    <issuer>
        <issuerCik>0000886163</issuerCik>
        <issuerName>LIGAND PHARMACEUTICALS INC</issuerName>
        <issuerTradingSymbol>LGND</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001442372</rptOwnerCik>
            <rptOwnerName>Sabba Stephen L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>DORSET MANAGEMENT CORP</rptOwnerStreet1>
            <rptOwnerStreet2>485 UNDERHILL BLVD SUITE 205</rptOwnerStreet2>
            <rptOwnerCity>SYOSSET</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11791</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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                <value>Common Stock</value>
                <footnoteId id="F1"/>
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            <transactionDate>
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            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7335</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.12</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <sharesOwnedFollowingTransaction>
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                </transactionShares>
                <transactionPricePerShare>
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            </transactionAmounts>
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                </sharesOwnedFollowingTransaction>
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                </transactionShares>
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                </transactionPricePerShare>
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    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Qualified Stock Option (right to buy)</value>
                <footnoteId id="F2"/>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-02-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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            <transactionAmounts>
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                    <value>7335</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2021-06-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7335</value>
                </underlyingSecurityShares>
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            </conversionOrExercisePrice>
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                <value>2021-02-09</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                </transactionShares>
                <transactionPricePerShare>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2022-05-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7335</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These securities, as represented in Column 5, include a grant of 831 restricted shares approved by the Board of Directors of the Company at the 2020 Meeting, which shares were previously reported on a Form 4 for this Reporting Person filed on June 12, 2020, and are included on this Form 4 only to report that they will vest in full within six (6) months from the date hereof.</footnote>
        <footnote id="F2">These securities, as represented in Column 5, were acquired by a grant of 7,335 shares approved by the Board of Directors of the Company at the 2011 Meeting and are fully vested and exerciseable as more fully described on a Form 4 for this Reporting Person filed on June 6, 2011.</footnote>
        <footnote id="F3">These securities, as represented in Column 5, were acquired by a grant of 7,335 shares approved by the Board of Directors of the Company at the 2012 Meeting and are fully vested and exerciseable as more fully described on a Form 4 for this Reporting Person filed on June 4, 2012.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Stephen L. Sabba</signatureName>
        <signatureDate>2021-02-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
