Tuesday, September 19, 2006

Noonday Raises Stake in Ligand Pharmaceuticals (LGND) to 8.8%

In an amended 13D filing after the close Monday on Ligand Pharmaceuticals Inc. (Nasdaq: LGND), Noonday Asset Management and related funds disclosed an 8.8% stake (7.3 million shares) in the Company. This is up from the 5.6% stake the firm disclosed in the original 13D filing in August. The firm disclosed a number of purchases from 08/11-09/13 at prices from $8.40 to $10.54.

In the hedge fund's original 13D filing, they said, consistent with their investment intent, they may engage in communications with one or more shareholders of the Company, one or more officers of the Company and/or one or more members of the board of directors of the Company regarding the Company, including but not limited to its operations.

Ligand discovers, develops and markets new drugs that address critical unmet medical needs of patients in the areas of cancer, pain, skin diseases, men's and women's hormone-related diseases, osteoporosis, metabolic disorders, and cardiovascular and inflammatory diseases.

Noonday manages discretionary capital for institutional investors and high net worth individuals, through its relationship with Farallon Capital Management, L.L.C. Farallon is one of the world's largest hedge funds.

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