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 16, 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 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
As previously disclosed in a Current Report on Form 8-K filed by Ligand
Pharmaceuticals Incorporated (the "Company") on February 6, 2007, in connection
with the Company's restructuring process, the Company was not reasonably able to
estimate at that time the non-cash charges associated with option acceleration
and extension related to the termination of certain employees, as they depended
in large part on the price of the Company's stock on the relevant employee's
termination date, as well as the determination of certain assumptions necessary
for performing such calculations under FASB Statement of Financial Accounting
Standards No. 123R, SHARE-BASED PAYMENT ("SFAS 123R") as of that date.
As of March 16, 2007, the Company has estimated that it expects to incur
total cash restructuring charges of approximately $10 to $12 million as
previously disclosed, plus approximately $2.2 million in non-cash charges
associated with option acceleration and extension under change of control
severance agreements, calculated in accordance with SFAS 123R.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On March 17, 2007, Alexander D. Cross, Ph.D. resigned from his position as
a director of the Company. Prior to his resignation, Dr. Cross served as a
member of the audit, compensation and nominating committees of the Company's
board of directors.
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 20, 2007 By: /s/ Tod G. Mertes
Name: Tod G. Mertes
Title: Interim CFO