Sec Form 4 Filing - Loeb Daniel S @ LIGAND PHARMACEUTICALS INC - 2007-03-26

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Loeb Daniel S
2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) X __ Other (specify below)
Former Director (1)
(Last) (First) (Middle)
THIRD POINT LLC, 390 PARK AVENUE
3. Date of Earliest Transaction (MM/DD/YY)
03/26/2007
(Street)
NEW YORK, NY10022
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/26/2007 S 5,720,000 D $ 10.54 2,027,378 I See footnote (2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Loeb Daniel S
THIRD POINT LLC
390 PARK AVENUE
NEW YOR K, NY10022
Former Director (1)
Signatures
DANIEL S. LOEB, /s/ Justin Nadler, Attorney-in-Fact 03/28/2007
Signature of Reporting Person Date
Explanation of Responses:

Remarks:
(1) On March 1, 2007, Mr. Loeb resigned as a director of the Issuer. This Form 4 is being filed pursuant to Rule 16a-2(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to report the sale of securities owned by the Funds.(2) 2,005,000 shares of common stock are owned by certain funds managed by Third Point LLC (the "Funds"). Daniel S. Loeb is the Chief Executive Officer of Third Point LLC. By reason of the provisions of Rule 16a-1 of the Exchange Act, Third Point and Mr. Loeb may be deemed to be the beneficial owners of the securities beneficially owned by the Funds. Pursuant to an arrangement between Third Point and Mr. Loeb, the Funds are entitled to all economic benefits attaching to 2,378 shares which were granted by the Issuer to Mr. Loeb in connection with his service as a member of the Issuer's board of directors (the "Board"). Also in connection with his service as a member of the Board, Mr. Loeb received an option grant that became exercisable for 20,000 shares on December 8, 2006. Third Point LLC and Mr. Loeb each disclaim beneficial ownership of all such securities, except to the extent of any direct or indirect pecuniary interest therein.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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