8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                 ---------------


                                    FORM 8-K

                                 CURRENT REPORT




     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): April 1, 2003

                       LIGAND PHARMACEUTICALS INCORPORATED
             (Exact name of registrant as specified in its charter)

                                    DELAWARE
                 (State or other jurisdiction of incorporation)

                                    000-20720
                            (Commission File Number)

                           10275 SCIENCE CENTER DRIVE,
                              SAN DIEGO, CALIFORNIA
                    (Address of principal executive offices)

                                 (858) 550-7500
              (Registrant's telephone number, including area code)

                                   77-0160744
                      (I.R.S. Employer Identification No.)

                                   92121-1117
                                   (Zip Code)







Item 5. Other Events

     Attached hereto is the press release issued by the registrant on April 1,
2003.



Item 7.  Exhibits


EXHIBIT  NUMBER         DESCRIPTION
                        

     99.1               Press Release of the Company dated April 1, 2003






SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned.


                                     LIGAND PHARMACEUTICALS INCORPORATED




Date :  April 1, 2003                By:      /S/WARNER BROADDUS
                                     Name:    Warner Broaddus
                                     Title:   Vice President,
                                              General Counsel & Secretary

EX-99

                                                                    Exhibit 99.1

                                                          Contact: Paul V. Maier
                                                               Senior VP and CFO
                                                                  (858) 550-7573

     LIGAND ELECTS NOT TO EXERCISE OPTION TO PURCHASE X-CEPTOR THERAPEUTICS

     SAN DIEGO, CALIF., APRIL 1, 2003 - Ligand Pharmaceuticals (Nasdaq: LGND)
announced today that after careful analysis, the company has decided not to
exercise its option to acquire all the outstanding stock of X-Ceptor
Therapeutics. Ligand will continue to own approximately 17% of X-Ceptor's stock.
Ligand has been a minority equity investor in X-Ceptor since 1999, when Ligand
and a group of private investors formed the private company to further the
development of orphan nuclear receptor technology to identify new drugs. Ligand
retained an option to purchase all, but not less than all, of X-Ceptor's
outstanding stock by June 30, 2003.

     "Ligand's top priorities for creating shareholder value in 2003 include
accelerating revenue growth from AVINZA and our in-line oncology products,
completing patient accrual in two pivotal Phase III studies of Targretin(R)
(bexarotene) capsules in non-small cell lung cancer, achieving operating
profitability for the year, then generating substantial EPS in 2004," said Paul
V. Maier, Ligand's senior vice president and chief financial officer. "Although
acquiring X-Ceptor did not fit with these priorities, we will continue to work
closely with their board and management, both through our minority ownership and
our board seat, to further the development of this young company."

ABOUT LIGAND

     Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, skin diseases, men's and
women's hormone-related diseases, osteoporosis, metabolic disorders, and
cardiovascular and inflammatory diseases. Ligand's proprietary drug discovery
and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors (IRs) and
Signal Transducers and Activators of Transcription (STATs). For more
information, go to WWW.LIGAND.COM.



CAUTION REGARDING FORWARD-LOOKING STATEMENTS

     This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. These include statements related to company priorities and
development of X-Ceptor. Actual events or results may differ from Ligand's
expectations. There can be no assurance that the listed priorities will be
achieved, or that future development of X-Ceptor will be successful. Additional
information concerning these and other risk factors affecting Ligand's business
can be found in prior press releases as well as in Ligand's public periodic
filings with the Securities and Exchange Commission, available via Ligand's
internet site at WWW.LIGAND.COM. Ligand disclaims any intent or obligation to
update these forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.

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