Wednesday, March 28, 2007

Loeb's ThirdPoint LLC Cuts Stake in Ligand (LGND) to 2%, Books Profits

In an amended 13D filing on Ligand Pharmaceuticals (Nasdaq: LGND), Daniel Loeb's ThirdPoint LLC disclosed a 2.01% stake (2.03 million shares) in the company. Loeb held 7.725 million shares in LGND for the quarter ended December 31, 2006.

The firm disclosed that on March 26, 2007, certain of the Funds sold 5,720,000 shares, representing 5.66% of the Common Stock outstanding, and the Management Company on behalf of such Funds entered into an equity swap arrangement whereby such Funds acquired the economic benefits, and assumed the economic risks, of owning the shares of Common Stock sold by such Funds.

On March 1, 2007, two of the Third Point Designees, Daniel S. Loeb and Brigette Roberts, M.D., resigned from the Board. Jeffrey R. Perry, also a Third Point Designee, continues as a director of the Company.

Loeb sold the 5,720,000 shares at $10.54. In the original 13D filing, Loeb disclosed spending about $54.3 million for the first 7 million shares he owned (cost basis about $7.75 per share). The firm disclosed about an $8 per share cost basis for its remaining 2 million shares.

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