PROSPECTUS FILED PURSUANT TO RULE 424(B)(3)
LIGAND PHARMACEUTICALS INCORPORATED
FILED PURSUANT TO RULE 424(B)(3)
REGISTRATION NO. 333-131029
PROSPECTUS SUPPLEMENT NO. 20
(TO PROSPECTUS DATED APRIL 12, 2006, AS SUPPLEMENTED AND AMENDED BY THAT
PROSPECTUS SUPPLEMENT NO. 1 DATED MAY 15, 2006, THAT PROSPECTUS SUPPLEMENT NO. 2
DATED JUNE 12, 2006, THAT PROSPECTUS SUPPLEMENT NO. 3 DATED JUNE 29, 2006, THAT
PROSPECTUS SUPPLEMENT NO. 4 DATED AUGUST 4, 2006, THAT PROSPECTUS SUPPLEMENT NO.
5 DATED AUGUST 9, 2006, THAT PROSPECTUS SUPPLEMENT NO. 6 DATED AUGUST 30, 2006,
THAT PROSPECTUS SUPPLEMENT NO. 7 DATED SEPTEMBER 11, 2006, THAT PROSPECTUS
SUPPLEMENT NO. 8 DATED SEPTEMBER 12, 2006, THAT PROSPECTUS SUPPLEMENT NO. 9
DATED OCTOBER 2, 2006, THAT PROSPECTUS SUPPLEMENT NO. 10 DATED OCTOBER 17, 2006,
THAT PROSPECTUS SUPPLEMENT NO. 11 DATED OCTOBER 20, 2006, THAT PROSPECTUS
SUPPLEMENT NO. 12 DATED OCTOBER 31, 2006, THAT PROSPECTUS SUPPLEMENT NO. 13
DATED NOVEMBER 14, 2006, THAT PROSPECTUS SUPPLEMENT NO. 14 DATED NOVEMBER 15,
2006, THAT PROSPECTUS SUPPLEMENT NO. 15 DATED DECEMBER 14, 2006, THAT PROSPECTUS
SUPPLEMENT NO. 16 DATED JANUARY 5, 2007, THAT PROSPECTUS SUPPLEMENT NO. 17 DATED
JANUARY 16, 2007, THAT PROSPECTUS SUPPLEMENT NO. 18 DATED FEBRUARY 5, 2007, AND
THAT PROSPECTUS SUPPLEMENT NO. 19 DATED FEBRUARY 28, 2007)
This Prospectus Supplement No. 20 supplements and amends the prospectus
dated April 12, 2006 (as supplemented and amended by that Prospectus Supplement
No. 1 dated May 15, 2006, that Prospectus Supplement No. 2 dated June 12, 2006,
that Prospectus Supplement No. 3 dated June 29, 2006, that Prospectus Supplement
No. 4 dated August 4, 2006, that Prospectus Supplement No. 5 dated August 9,
2006, that Prospectus Supplement No. 6 dated August 30, 2006, that Prospectus
Supplement No. 7 dated September 11, 2006, that Prospectus Supplement No. 8
dated September 12, 2006, that Prospectus Supplement No. 9 dated October 2,
2006, that Prospectus Supplement No. 10 dated October 17, 2006, that Prospectus
Supplement No. 11 dated October 20, 2006, that Prospectus Supplement No. 12
dated October 31, 2006, that Prospectus Supplement No. 13 dated November 14,
2006, that Prospectus Supplement No. 14 dated November 15, 2006, that Prospectus
Supplement No. 15 dated December 14, 2006, that Prospectus Supplement No. 16
dated January 5, 2007, that Prospectus Supplement No. 17 dated January 16, 2007,
that Prospectus Supplement No. 18 dated February 5, 2007, and that Prospectus
Supplement No. 19 dated February 28, 2007), or the Prospectus, relating to the
offer and sale of up to 7,790,974 shares of our common stock to be issued
pursuant to awards granted or to be granted under our 2002 Stock Incentive Plan,
or our 2002 Plan, up to 147,510 shares of our common stock to be issued pursuant
to our 2002 Employee Stock Purchase Plan, or our 2002 ESPP, and up to 50,309
shares of our common stock which may be offered from time to time by the selling
stockholders identified on page 110 of the Prospectus for their own accounts.
Each of the selling stockholders named in the Prospectus acquired the shares of
common stock upon exercise of options previously granted to them as an employee,
director or consultant of Ligand or as restricted stock granted to them as a
director of Ligand, in each case under the terms of our 2002 Plan. We will not
receive any of the proceeds from the sale of the shares of our common stock by
the selling stockholders under the Prospectus. We will receive proceeds in
connection with option exercises under the 2002 Plan and shares issued under the
2002 ESPP which will be based upon each granted option exercise price or
purchase price, as applicable.
This Prospectus Supplement No. 20 includes the attached Current Report
on Form 8-K of Ligand Pharmaceuticals Incorporated dated March 5, 2007, as filed
by us with the Securities and Exchange Commission.
This Prospectus Supplement No. 20 should be read in conjunction with,
and delivered with, the Prospectus and is qualified by reference to the
Prospectus, except to the extent that the information in this Prospectus
Supplement No. 20 updates or supersedes the information contained in the
Prospectus.
Our common stock is traded on The Nasdaq Global Market under the symbol
"LGND." On March 2, 2007, the last reported sale price of our common stock on
The Nasdaq Global Market was $11.31 per share.
INVESTING IN OUR COMMON STOCK INVOLVES RISK. SEE "RISK FACTORS"
BEGINNING ON PAGE 7 OF THE PROSPECTUS AND BEGINNING ON PAGE 62 OF PROSPECTUS
SUPPLEMENT NO. 13.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if the
Prospectus or this Prospectus Supplement No. 20 is truthful or complete. Any
representation to the contrary is a criminal offense.
The date of this Prospectus Supplement No. 20 is March 5, 2007.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2007
LIGAND PHARMACEUTICALS INCORPORATED
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
000-20720
(Commission File Number)
10275 SCIENCE CENTER DRIVE,
SAN DIEGO, CALIFORNIA
(Address of principal executive offices)
(858) 550-7500
(Registrant's telephone number, including area code)
77-0160744
(I.R.S. Employer Identification No.)
92121-1117
(Zip Code)
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On March 1, 2007 Ligand Pharmaceuticals Incorporated
(the "Company") entered into an Indemnity Fund Agreement (the "Agreement") with
Dorsey & Whitney LLP ("Dorsey"), counsel to Company's independent directors and
to the Audit Committee of the Board of Directors ("Board"). Under the Agreement,
the Company has established in a Dorsey trust account a $10 million indemnity
fund (the "Fund") to support the Company's existing indemnification obligations
to continuing and departing directors in connection with the ongoing SEC
investigation and related matters (the "Legacy Liabilities"). The agreement
provides that the Fund may be disbursed by Dorsey on behalf of the directors to
pay indemnified claims against the Legacy Liabilities, provided that the Company
shall approve any such disbursements for Legacy Liabilities other than the SEC
Investigation.
Interest accruing to the Fund will be returned to the Company quarterly.
Any amounts remaining in the fund will be returned to the Company on the
earliest of (i) the satisfaction of all Legacy Liabilities and the resolution of
all matters or potential matters involving any of these directors relating to
the Legacy Liabilities (ii) the date which is twenty-four (24) months after
receipt of any written or oral communication initiated by the SEC regarding the
SEC Investigation (iii) written communication from the SEC that the SEC
Investigation has been discontinued without any remaining Legacy Liability or
(iv) mutual agreement of the parties.
The Indemnity Fund Agreement is filed as Exhibit 10.1 hereto and
incorporated by reference herein.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On March 1, 2007, the Company announced the resignation of directors John
Groom, Irving S. Johnson, Ph.D., Daniel Loeb, Carl C. Peck, M.D., and Brigette
Roberts, M.D. effective immediately. These resignations followed the conclusion
of the Company's strategic review process and the consummation of the sale of
AVINZA(R) (morphine sulfate extended-release capsules) to King Pharmaceuticals.
The Company also announced the appointment of four new directors, who were
nominated for election by the Board's Nominating and Governance Committee:
John L. Higgins, age 36, is President and Chief Executive Officer of the
Company. Prior to joining the Company, Mr. Higgins was Chief Financial Officer,
Executive Vice President, Finance, Administration and Corporate Development of
Connetics Corporation, a public specialty pharmaceutical company, until its
acquisition by Stiefel Laboratories, Inc. in December 2006. In those capacities,
in which he had served since January 2002, he was responsible for corporate
development, finance, investor relations, strategic planning and general
administration. He served as Executive Vice President, Finance and
Administration, from January 2000 to December 2001, and as Vice President,
Finance and Administration from September 1997 through December 1999. Mr.
Higgins earned an A.B. in Economics from Colgate University and is a Director of
BioCryst Pharmaceuticals, Inc., a public biotech company, where he serves as
Chairman of the Audit Committee.
Todd C. Davis, 46, is a Managing Director of Cowen & Company and a
principal and founder of Cowen Healthcare Royalty Partners. Previously, Mr.
Davis was a partner at Paul Capital Partners and Apax Partners. Mr. Davis has
served on the boards of several public and private companies, including most
recently Verus Pharmaceuticals, Prism Pharmaceuticals, Prometheus Laboratories
and SkinMedica. He holds a B.S. in mathematics from the U.S. Naval Academy and
an M.B.A. from Harvard Business School.
Elizabeth M. Greetham, 57, is Chief Executive Officer and President of ACCL
Financial Consultants. Prior to ACCL, Ms. Greetham served as both CEO and CFO of
DrugAbuse Sciences and was a portfolio manager at Weiss, Peck & Greer. Ms.
Greetham also serves as a member of the board of directors of publicly traded
King Pharmaceuticals, Inc. Ms. Greetham earned an M.A. with Honors from the
University of Edinburgh in Scotland.
As previously disclosed, on February 26, 2007 the Company consummated the
sale of its rights in and to AVINZA(R) (morphine sulfate extended-release
capsules), in the United States, its territories and Canada to King
Pharmaceuticals and its wholly-owned subsidiary King Pharmaceuticals Research
and Development, Inc. Pursuant to the asset purchase agreement King paid the
Company approximately $295 million in cash and will continue to pay Ligand
specified royalty payments based on King Pharmaceuticals' annual net sales of
AVINZA(R) through AVINZA(R)'s patent expiration in November 2017. The Company
has also agreed to indemnify King Pharmaceuticals and its affiliates and their
respective representatives from losses arising out of specified events described
in the asset purchase agreement. The Company notes that Ms. Greetham's interest
in this transaction arises solely from her position as a director of King
Pharmaceuticals and that there is no arrangement or understanding between the
Company and King Pharmaceuticals with respect to her election as a director of
the Company.
David M. Knott, 62, is Chief Investment Manager of Knott Partners
Management and Dorset Management, two related hedge fund entities. He was
previously with Mandrakos Associates. Prior to that, Mr. Knott was a broker at
Donaldson Lufkin & Jenrette (DLJ). He received a B.A. in Political Science from
the University of Pennsylvania and an M.B.A. in Finance from the Wharton School
of the University of Pennsylvania.
In addition, John W. Kozarich, Ph.D., a current director, was named
Chairman of the Board assuming the position previously held by Henry F.
Blissenbach, who will remain on the Board.
None of the new directors was selected pursuant to any arrangement or
understanding between him/her and any other person. There are no family
relationships between the incoming directors and any of the Company's other
directors or executive officers. There have been no related party transactions
between the Company and any of the new directors reportable under Item 404(a) of
Regulation S-K.
A copy of the Company's press release announcing these resignations and
appointments is attached hereto as Exhibit 99.1 and is incorporated herein by
this reference.
(d) Exhibits.
EXHIBIT NO. DESCRIPTION
10.1 Indemnity Fund Agreement.
99.1 Press release of the Company dated March 1, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned.
LIGAND PHARMACEUTICALS INCORPORATED
Date: March 05, 2007 By: /s/ TOD G. MERTES
Name: Tod G. Mertes
Title: Interim CFO
EXHIBIT 10.1
PETER W. CARTER
(612) 340-5635
FAX (612) 340-2868
CARTER.PETER@DORSEY.COM
February 26, 2007
Ligand Pharmaceuticals Incorporated
10275 Science Center Drive
San Diego, CA 92121
Attn: Warner Broaddus, Esq., General Counsel
Re: INDEMNITY FUND AGREEMENT WITH LIGAND PHARMACEUTICALS INCORPORATED(THE
"COMPANY")
Dear Warner:
This letter will constitute the agreement between the Company and
Dorsey as authorized by the Board of Directors of the Company (the "Board") on
December 7, 2006.
For purposes of this agreement, "Legacy Directors" means, collectively,
Henry F. Blissenbach, Alexander D. Cross, John Groom, Irving S. Johnson, John W.
Kozarich, Carl Peck and Michael A. Rocca; "Restatement" means the Company's
restatement of its consolidated financial statements as of December 31, 2003 and
for the years ended December 31, 2003 and 2002, and as of and for the first
three quarters of 2004, and for the quarters of 2003; "SEC Investigation" means
the SEC's pending investigation regarding certain matters in connection with the
Restatement; "Legacy Matters" means, collectively, any matters in connection
with the SEC Investigation or other matters relating to the periods covered by
the Restatement; and "Legacy Matter Liabilities and Defense Costs" means,
collectively, any liabilities and/or defense costs of the Legacy Directors which
are a) incurred in connection with the SEC Investigation or other Legacy Matters
and b) which the Company is obligated to pay or advance on behalf of the Legacy
Directors or other directors named herein under the existing indemnification
agreements between the Company and each such director (the "Indemnification
Agreements").
Pursuant to the Board's authorization, Ligand will fund an indemnity
fund account to be maintained by Dorsey in an interest-bearing Dorsey trust
account in the amount of $10,000,000 (the "Indemnity Fund"). Subject to
fulfillment of the prerequisites of the Indemnification Agreements, the
Indemnity Fund will be disbursed by Dorsey, on behalf of the Legacy Directors,
against any Legacy Matter Liabilities and Defense Costs incurred by the Legacy
Directors, including Dorsey's legal fees and disbursements and the fees and
disbursements of any other advisor or counsel retained by the Legacy Directors
with the consent of the Company or in accordance with the Indemnification
Agreements. All disbursements must be made in accordance with the
Indemnification Agreements, documented by appropriate invoices which shall be
provided to the Company and approved by 1) Dorsey, 2) a representative of the
Legacy Directors and 3) a duly authorized officer of the Company; provided,
however, that as to any Legacy Matter Liabilities and Defense Costs in
connection with the SEC Investigation, the
Company acknowledges the following: (i) the prerequisites of the Indemnification
Agreements have been fulfilled; (ii) the Company has determined that the Legacy
Directors are entitled to indemnification and advancement under the
Indemnification Agreements; (iii) Dorsey has been approved by the Company to
represent the Legacy Directors in connection with the SEC Investigation; and
(iv) that Dorsey is authorized to disburse from the Indemnity Fund in connection
therewith without receipt of prior approval from the Company.
In the event that any of the following additional directors of the
Company, Daniel S. Loeb, Jeffrey R. Perry, Brigitte Roberts or Jason Aryeh,
should incur any Legacy Matter Liabilities or Defense Costs, the Indemnity Fund
will also be available, on the terms and conditions outlined in the foregoing
paragraph, to be disbursed by Dorsey on behalf of such directors against any
Legacy Matter Liabilities or Defense Costs incurred by them.
The Indemnity Fund will be maintained by Dorsey in an interest-bearing
trust account in accordance with Dorsey's customary trust account procedures and
Dorsey will provide the Company with a monthly trust account statement which
will reflect applications of the Indemnity Fund and the balances remaining from
time to time. Dorsey shall pay out interest that accrues in the Indemnity Fund
to Ligand on a quarterly basis. Ligand agrees to supplement the Indemnity Fund
upon Dorsey's request should it become insufficient to cover Legacy Matter
Liabilities and Defense Costs due and required by the Indemnification Agreements
to be paid by the Company.
Upon the earlier of (i) the satisfaction of all Legacy Matter
Liabilities and Defense Costs and the resolution of all matters or potential
matters involving any Legacy Directors or other Ligand directors named above
relating to the SEC Investigation or any other Legacy Matter or (ii) the
expiration of twenty-four (24) months after receipt of any written or oral
communication initiated by the SEC regarding the SEC Investigation (iii) written
communication from the SEC that the SEC Investigation has been discontinued
without any unsatisfied Legacy Matter Liabilities or (iv) otherwise by the
mutual agreement of the parties to terminate this Agreement, Dorsey will
promptly remit the remaining balance of this Indemnity Fund plus accrued
interest to Ligand.
This Agreement is in furtherance of, and not intended to alter, add to
or waive any provision of the Indemnification Agreements, except to the extent
specifically provided herein. Disbursements from the Indemnity Fund shall in all
events be subject to the terms and conditions of the Indemnification Agreements,
except to the extent otherwise specifically provided herein. The form of
undertaking to be signed by each director as a condition of advancement, as set
forth in the Company's bylaws, is attached hereto as EXHIBIT A.
We greatly appreciate the opportunity to be of service. If you have any
questions about these escrow arrangements, please call me. If not, please sign
the enclosed copy of this letter and return it in the enclosed envelope and make
arrangements to transfer the Indemnity Fund amount to our trust account for
which the wire instructions appear below. Please keep the original of this
letter for your file.
Very truly yours,
/s/ Peter W. Carter
Peter W. Carter
PWC/skb
Accepted and agreed to:
Ligand Pharmaceuticals Incorporated
By: /s/ John L. Higgins
Name: John L. Higgins
Title: Cheif Executive Office and President
Dorsey Trust Account Wire Instructions:
U.S. Bank National Association
800 Nicollet Mall
Minneapolis, MN 55402
ABA Routing Number: 091000022
Account Number: 1602-3010-8765
Account Name: Dorsey & Whitney Trust Account
Message: 3819/476635-2
EXHIBIT A
Dated: ___________, 200_
General Counsel
Ligand Pharmaceuticals Incorporated
10275 Science Center Drive
San Diego, CA 92121
Dear Sir/Madam:
As a director of Ligand Pharmaceuticals, Incorporated I am entitled to
indemnification for liabilities and advancement of expenses incurred in
connection with the pending SEC investigation and otherwise for matters relating
to the periods covered by the restatement (any such matters, collectively, the
"Legacy Matters") of the Company's consolidated financial statements as of
December 31, 2003 and for the years ended December 31, 2003 and 2002, and as of
and for the first three quarters of 2004 and for the quarters of 2003.
By this letter, I request that the Company advance any expenses I incur
in connection with the Legacy Matters. My signature below confirms that I agree
that any advancement by the Company of expenses reasonably incurred on my behalf
will be subject to the undertakings and conditions set forth herein. I represent
in good faith that I meet the standard of conduct necessary for indemnification
under Section 145 of the Delaware General Corporation Law ("Section 145"): (1)
to the extent of my involvement in any civil matters that are the subject of the
Legacy Matters, that I acted in good faith and in a manner I reasonably believed
to be in or not opposed to the best interests of the Company; and (2) to the
extent of my involvement in any criminal matters that are the subject of the
Legacy Matters, that I had no reasonable cause to believe my conduct was
unlawful. Article VII, section 4 of the Company's Bylaws, Section 145 and the
Indemnification Agreement between me and the Company ( "Indemnification
Agreement") require that, should it ultimately be determined that I am not
entitled to be indemnified by the Company as authorized under those provisions,
all advance payments made by the Company on my behalf must be repaid to the
Company.
Accordingly, I undertake to repay all amounts advanced by the Company
hereunder in connection with the Legacy Matters if, and to the extent, it should
ultimately be determined that, with respect to the subject matter of the Legacy
Matters, I am not entitled to be indemnified under Article VII of the Company's
Bylaws, under the Indemnification Agreement, or otherwise. I further agree that,
by advancing defense expenses on my behalf, the Company does not waive or limit
any right to recoupment of such expenses from any insurance policies which may
be available.
Very truly yours,
---------------------------
EXHIBIT 99.1
LIGAND ANNOUNCES CHANGES AND ADDITIONS TO THE BOARD OF DIRECTORS
JOHN W. KOZARICH APPOINTED CHAIRMAN OF THE BOARD
SAN DIEGO (MARCH 1, 2007) - Ligand Pharmaceuticals Incorporated
(NASDAQ: LGND) today announced the appointment of John L. Higgins,
David M. Knott, Elizabeth M. Greetham and Todd C. Davis to its board of
directors. Effective March 1, the above appointees will replace:
Irving S. Johnson, Ph.D., a director of Ligand since 1989, Carl C. Peck, M.D.,
a director since 1997, John Groom, a director since 1995, Daniel S. Loeb, a
director since 2005, and Brigette Roberts, a director since 2005.
In addition, John W. Kozarich, Ph.D., a director since 2003, was named
Chairman of the Board, assuming the position previously held by
Henry F. Blissenbach, who will remain on the board. Dr. Kozarich is President
and Chairman of ActivX Biosciences, a subsidiary of Kyorin Pharmaceuticals, and
is a professor of biotechnology at Scripps Research Institute.
"We are pleased to have attracted accomplished industry professionals
with diverse backgrounds and expertise to our Board, and I look forward to
working with them. The company will also benefit from the leadership and
experience of Dr. Kozarich in his expanded role as our new Chairman," said John
L. Higgins, President and Chief Executive Officer. "We believe the Board is
configured to represent the best interest of all of our shareholders, and we
look forward to gaining the new members' insight as Ligand continues its
transformation to a highly focused R&D and royalty driven pharmaceutical
company. I would also like to thank those resigning from the Board for their
service and contribution in advancing Ligand to this stage in its development."
"Now that we have brought outstanding new management and directors into
Ligand, and have successfully repositioned the company, it is no longer
necessary for Third Point to have three board representatives," stated Daniel
Loeb, Chief Executive Officer of Third Point. "We will, however, continue to
have one Third Point representative on the Board, and are delighted that David
Knott, Ligand's largest institutional shareholder, is joining us on the Ligand
Board."
David M. Knott, 62, is Chief Investment Manager of Knott Partners
Management and Dorset Management, two related hedge fund entities. He was
previously with Mandrakos Associates. Prior to that, Mr. Knott was a broker at
Donaldson Lufkin & Jenrette (DLJ). He received a B.A. in Political Science from
the University of ePennsylvania and an M.B.A. in Finance from the University of
Pennsylvania.
Elizabeth M. Greetham, 57, is Chief Executive Officer and President of
ACCL Financial Consultants. Prior to ACCL, Ms. Greetham served as both CEO and
CFO of DrugAbuse Sciences and was a portfolio manager at Weiss, Peck & Greer.
Ms. Greetham also serves as a member of the board of directors of publicly
traded King Pharmaceuticals, Inc. Ms. Greetham earned an M.A. with Honors from
the University of Edinburgh in Scotland.
Todd C. Davis, 46, is a Managing Director of Cowen & Company and a
principal and founder of Cowen Healthcare Royalty Partners. Previously,
Mr. Davis was a partner at Paul Capital Partners, Apax Partners and an
operating executive for Elan Pharmaceuticals and Abbott Laboratories. Mr. Davis
has served on the boards of several public and private companies, including most
recently Verus Pharmaceuticals, Prism Pharmaceuticals, Prometheus Laboratories
and SkinMedica. He holds a B.S. in mathematics from the U.S. Naval Academy and
an M.B.A. from Harvard Business School.
ABOUT LIGAND
Ligand discovers and develops new drugs that address critical unmet
medical needs of patients in the areas of thrombocytopenia, cancer,
hormone-related diseases, osteoporosis and inflammatory diseases. Ligand's
proprietary drug discovery and development programs are based on its leadership
position in gene transcription technology, primarily related to Intracellular
Receptors.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as of the
date of this
release. Actual events or results may differ from Ligand's expectations. For
example, we may not receive expected royalties on AVINZA(R) from King
Pharmaceuticals or we may not be able to timely or successfully transform the
Company or advance any product(s) in our pipeline. Additional information
concerning these and other risk factors affecting Ligand's business can be found
in prior press releases as well as in Ligand's public periodic filings with the
Securities and Exchange Commission, which are available at WWW.LIGAND.COM.
Ligand disclaims any intent or obligation to update these forward-looking
statements beyond the date of this release. This caution is made
under the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995.
CONTACTS:
LIGAND PHARMACEUTICALS INCORPORATED LIPPERT/HEILSHORN & ASSOCIATES
John L. Higgins, President and CEO Don Markley
or DMARKLEY@LHAI.COM
Erika Luib-De la Cruz, Investor Relations (310) 691-7100
(858) 550-7896
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