Item 8.01. Other Events.
As previously announced, on March 20, 2007, the Board of Directors of Ligand Pharmaceuticals Incorporated (the "Company") declared a special one-time cash dividend of $2.50 per share of common stock (the "Distribution") to stockholders of record on April 5, 2007. The Distribution was completed on April 19, 2007.
The Company believes that the Distribution will be deemed a tax-free return of capital to most stockholders to the extent of each stockholder's tax basis in his, her or its shares. Because individual tax circumstances of stockholders vary, stockholders should consult their own tax advisors regarding the tax consequences to them of the Distribution.

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