Item 8.01

Vernalis (R&D) Limited (“Vernalis”), a subsidiary of Ligand Pharmaceuticals Incorporated (together with Vernalis, “Ligand” or the “Company”), recently entered into a collaboration agreement (the “Agreement”) with PhoreMost Limited (“PhoreMost”).

Under the Agreement, Ligand will apply its Vernalis Design Platform to design small molecule inhibitors against an undisclosed novel oncology target previously identified by PhoreMost using PhoreMost’s SITESEEKER® phenotypic screening technology. Ligand and PhoreMost will share downstream revenues of any future out-licenses resulting from the collaboration, and Ligand will be entitled to between 20% and 80% of license economics based on Ligand’s contribution and stage of development at the time of licensing.

Forward-Looking Statements

This report contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand’s judgment as of the date of this report. These forward-looking statements include comments regarding the planned research development program under the Agreement and the potential for future out-licensing. Actual events or results may differ from Ligand’s expectations. For example, Ligand or PhoreMost may abandon development under the Agreement in certain circumstances and there can be no assurance that the parties will be able to successfully out-license any compounds under the Agreement. Many of these risks also apply to the other programs which comprise Ligand’s shots-on-goal portfolio. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand’s stock price. Additional information concerning these and other important risk factors affecting Ligand can be found in Ligand’s prior periodic filings with the Securities and Exchange Commission (including its Annual Report filed on Form 10-K filed on February 28, 2019 and subsequent Quarterly Reports on Form 10-Q), available at, as updated by future period reports filed with the Securities and Exchange Commission. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this report. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. It has have partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 different programs under license with it are in various stages of commercialization and development. Its partners have programs in clinical development targeting seizure, coma, cancer, diabetes, cardiovascular disease, muscle wasting, liver disease and kidney disease, among others. It is developing a small molecule glucagon receptor antagonist for the treatment of Type II diabetes mellitus.

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