SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Ligand Pharmaceuticals Incorporated
(Name of Issuer)
Common Stock, $.001 Par Value
(Title of Class of Securities)
53220K207
(CUSIP Number)
November 28, 2005
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 9 Pages)
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*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 purposes 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).
CUSIP No. 53220K207 13G Page 2 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
HARVEST MANAGEMENT, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
OWNED BY Common Stock underlying convertible notes (See Item 2(a))
--------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
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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)
5.3%
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(12) TYPE OF REPORTING PERSON **
IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 53220K207 13G Page 3 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
JAMES MORGAN RUTMAN
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
OWNED BY Common Stock underlying convertible notes (See Item 2(a))
--------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 53220K207 13G Page 4 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
NATHANIEL BOHRER
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
OWNED BY Common Stock underlying convertible notes (See Item 2(a))
--------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 53220K207 13G Page 5 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
MARJORIE GOCHBERG KELLNER
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
OWNED BY Common Stock underlying convertible notes (See Item 2(a))
--------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,907,700 shares of Common Stock and 1,052,938 shares of
Common Stock underlying convertible notes (See Item 2(a))
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 53220K207 13G Page 6 of 9 Pages
Item 1(a). Name of Issuer:
LIGAND PHARMACEUTICALS INCORPORATED (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
10275 Science Center Drive
San Diego, CA 92121-1117
Item 2(a). Name of Person Filing:
The names of the persons filing this Schedule 13G are Harvest
Management, L.L.C. ("Harvest Management"), James Morgan Rutman, Nathaniel Bohrer
and Marjorie Gochberg Kellner (collectively, the "Reporting Persons"). Harvest
Management is filing this Schedule 13G with respect to the shares of common
stock of the Issuer (the "Shares") beneficially owned by the following accounts
under its management, which Harvest Management may be deemed to beneficially
own: 688,160 Shares beneficially owned by Harvest Capital, L.P. (consisting of
507,217 Shares and 180,943 Shares underlying 6% convertible subordinated notes
of the Issuer ("Convertible Notes"); 1,632,049 Shares beneficially owned by
Harvest Offshore Investors Ltd. (consisting of 1,200,992 Shares and 431,057
Shares underlying Convertible Notes); 88,593 Shares beneficially owned by CL
Harvest, LLC (consisting of 65,266 Shares and 23,327 Shares underlying
Convertible Notes); 142,675 Shares beneficially owned by Harvest AA Capital,
L.P. (consisting of 105,255 Shares and 37,420 Shares underlying Convertible
Notes); 200,542 Shares beneficially owned by Alpha Sub Fund XVI, LLC (consisting
of 140,120 Shares and 60,422 Shares underlying Convertible Notes); 230,147
Shares beneficially owned by New Americans, L.L.C. (consisting of 169,401 Shares
and 60,746 Shares underlying Convertible Notes); and 978,472 Shares beneficially
owned by TE Harvest Portfolio, Ltd (consisting of 719,449 Shares and 259,023
Shares underlying Convertible Notes). James Morgan Rutman, Nathaniel Bohrer and
Marjorie Gochberg Kellner are each principals of Harvest Management and thus may
be deemed to beneficially own the Shares beneficially owned by Harvest
Management.
Item 2(b). Address of Principal Business Office or, if None, Residence:
Each of the Reporting Persons has a business address at: c/o
Harvest Management, L.L.C., 600 Madison Avenue, 11th Floor, New York, New York
10022.
Item 2(c). Citizenship:
Harvest Management is a Delaware limited liability company. Each
of James Morgan Rutman, Nathaniel Bohrer and Marjorie Gochberg Kellner is a
citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock and Common Stock underlying Convertible Notes
Item 2(e). CUSIP Number: 53220K207
CUSIP No. 53220K207 13G Page 7 of 9 Pages
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with Rule 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [x]
Item 4. Ownership.
The following sets forth the ownership information for each
Reporting Person:
(a) Amount beneficially owned: 3,960,638, consisting of 2,907,700
Shares and 1,052,938 Shares underlying Convertible Notes
(b) Percent of class: 5.3%
(c) Number of shares as to which each Reporting Person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 3,960,638,
consisting of 2,907,700 Shares and 1,052,938 Shares
underlying Convertible Notes
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the
disposition: 3,960,638, consisting of 2,907,700 Shares
and 1,052,938 Shares underlying Convertible Notes
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
CUSIP No. 53220K207 13G Page 8 of 9 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
CUSIP No. 53220K207 13G Page 9 of 9 Pages
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above 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: December 6, 2005
HARVEST MANAGEMENT, L.L.C.
By: /s/ MARJORIE GOCHBERG KELLNER
-------------------------------
Name: MARJORIE GOCHBERG KELLNER
Title: Managing Member
/s/ JAMES MORGAN RUTMAN
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JAMES MORGAN RUTMAN
/s/ NATHANIEL BOHRER
------------------------------------
NATHANIEL BOHRER
/s/MARJORIE GOCHBERG KELLNER
------------------------------------
MARJORIE GOCHBERG KELLNER