UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. )*
LIGAND PHARMACEUTICALS INCORPORATED
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
53220KAB4
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(CUSIP Number)
December 31, 2003
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Date of Event Which Requires Filing of this Statement
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[x] Rule 13d-1 (b)
[ ] Rule 13d-1 (c)
[ ] Rule 13d-1 (d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
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CUSIP NO. 53220KAB4
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1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highbridge International LLC - not applicable
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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5. SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------
6. SHARED VOTING POWER
SHARES
$155,250,000 aggregate principal amount of 6% Convertible
BENEFICIALLY Subordinated Notes (the "Notes") due November 16, 2007
(convertible into 25,149,025 shares of the issuer's common
OWNED BY stock). /1/
EACH
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REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH
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8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 5.11% as of the date of this Statement. (Based on
73,088,843 shares of Common Stock outstanding as of October 31,
2003, plus the Reporting Person's shares of Common Stock issuable
upon the conversion of the Convertible Notes.)
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12. TYPE OF REPORTING PERSON
OO - Limited Liability Company
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/1/ See Footnote 1 in Item 4.
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CUSIP NO. 53220KAB4
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1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highbridge Capital Corporation - not applicable
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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5. SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------
6. SHARED VOTING POWER
SHARES
$155,250,000 aggregate principal amount of 6% Convertible
BENEFICIALLY Subordinated Notes (the "Notes") due November 16, 2007
(convertible into 25,149,025 shares of the issuer's common
OWNED BY stock). /1/
EACH
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REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH
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8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 5.11% as of the date of this Statement. (Based on
73,088,843 shares of Common Stock outstanding as of October 31,
2003, plus the Reporting Person's shares of Common Stock issuable
upon the conversion of the Convertible Notes.)
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12. TYPE OF REPORTING PERSON
BD - Broker Dealer
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/1/ See Footnote 1 in Item 4.
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CUSIP NO. 53220KAB4
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1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Highbridge Capital Management, LLC - 13-3993048
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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5. SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------
6. SHARED VOTING POWER
SHARES
$155,250,000 aggregate principal amount of 6% Convertible
BENEFICIALLY Subordinated Notes (the "Notes") due November 16, 2007
(convertible into 25,149,025 shares of the issuer's common
OWNED BY stock). /1/
EACH
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REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH
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8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 5.11% as of the date of this Statement. (Based on
73,088,843 shares of Common Stock outstanding as of October 31,
2003, plus the Reporting Person's shares of Common Stock issuable
upon the conversion of the Convertible Notes.)
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12. TYPE OF REPORTING PERSON
OO - Limited Liability Company
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/1/ See Footnote 1 in Item 4.
Item 1.
(a) Name of Issuer
Ligand Pharmaceuticals Incorporated
(b) Address of Issuer's Principal Executive Offices:
10275 Science Center Drive
San Diego, California 92121-1117
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
This Schedule 13G (the "Schedule 13G") is being filed on behalf of each of
the following persons (each, a "Reporting Person"):
Highbridge International LLC
The Cayman Corporate Centre, 4th Floor
#7 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Corporation
The Cayman Corporate Centre, 4th Floor
#7 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
(d) Title of Class of Securities
Common Stock, par value $0.001 per share
(e) CUSIP Number
53220KAB4
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) [X] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]
Item 4. Ownership
(a) Amount Beneficially Owned
$155,250,000 aggregate principal amount of 6% Convertible Subordinated
Notes due November 16, 2007 (convertible into 25,149,025 shares of the
issuer's common stock). /1/
(b) Percent of Class
Approximately 5.11% as of the date of this Statement. (Based on
73,088,843 shares of Common Stock outstanding as of October 31, 2003,
plus the Reporting Person's shares of Common Stock issuable upon the
conversion of the Notes.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
0
(ii) shared power to vote or to direct the vote
See item (a) above.
(iii) sole power to dispose or to direct the disposition of
0
(iv) shared power to dispose or to direct the disposition of
See item (a) above.
/1/ Highbridge International LLC is a wholly owned subsidiary of Highbridge
Capital Corporation. Highbridge Capital Management, LLC is the trading manager
of Highbridge Capital Corporation. Highbridge Capital Management, LLC is
exempt from registration as an investment adviser. The persons at Highbridge
Capital Management, LLC who actually exercise the power to dispose of and the
power to vote the investments of Highbridge Capital Corporation are registered
as registered representatives of Highbridge Capital Corporation, a registered
broker/dealer. As of the date of this Schedule, the Notes reported herein by
the Reporting Persons may acquire in the future through the conversion of the
$155,250,000 aggregate principal amount of 6% Convertible Notes due November
16, 2007 of the Issuer, which may be converted by the Reporting Persons at any
time prior to and including November 16, 2007 (the "Maturity Date") into
3,932,805 shares of the Issuer's common stock (the Notes are convertible into
161.9905 shares of common stock, par value $0.001 per share, per $1,000
principal amount of notes and subject to adjustment in certain circumstances).
Based on the Issuer's latest Form 10Q filed on November 12, 2003, there were
73,088,843 shares of Common Stock outstanding as of October 31, 2003.
Therefore, with the issuer's outstanding shares of Common Stock plus the
Reporting Person's shares of Common Stock issuable upon the conversion of the
Notes, the Reporting Persons may be deemed to beneficially own 5.11% of the
outstanding shares of common stock of the Issuer.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the
date hereof the Reporting Person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Inapplicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
See Item 2 above.
Item 8. Identification and Classification of Members of the Group
See Item 2 above.
Item 9. Notice of Dissolution of Group
Inapplicable
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in connection with
or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Dated this 13th day of February, 2004
Highbridge International LLC
By: /s/ Howard Feitelberg
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Howard Feitelberg, Director
Highbridge Capital Corporation
By: /s/ Howard Feitelberg
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Howard Feitelberg, Controller
Highbridge Capital Management, LLC
By: /s/ Ronald S. Resnick
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Ronald S. Resnick, Managing Director
Exhibit Index
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Exhibit Description
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1 Joint Filing Agreement