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): June 12, 2006

                       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 8.01 OTHER EVENTS

On June 12, 2006, Ligand Pharmaceuticals Incorporated announced that its common
stock would be relisted on the NASDAQ National Market, effective June 14, 2006,
and will trade under the symbol `LGND'. The press released is attached as
Exhibit 99.1.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)      Exhibits

EXHIBIT NUMBER             DESCRIPTION
- ------------------         --------------------

99.1                       Press release of the Company dated June 12, 2006




                                   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: June 12, 2006        By:      /s/ Warner R. Broaddus
                           Name:    Warner R. Broaddus
                           Title:   Vice President, General Counsel & Secretary

EX-99

                                                                    EXHIBIT 99.1

                                                          Contact: Paul V. Maier
                                                           Senior Vice President
                                                     and Chief Financial Officer
                                                                    858-550-7573


         LIGAND PHARMACEUTICALS TO BE RELISTED ON NASDAQ NATIONAL MARKET

         SAN DIEGO, CA - JUNE 12, 2006 -- Ligand Pharmaceuticals Incorporated
(Pink Sheets: LGND) today announced that NASDAQ has approved the company's
application for relisting its common stock on the NASDAQ National Market. Ligand
expects trading in its common shares to begin on the NASDAQ National Market on
June 14, 2006 under the symbol "LGND".
         "We are pleased that NASDAQ has approved our application to be relisted
on the NASDAQ National Market," said David E. Robinson, Ligand Chairman,
President and Chief Executive Officer. "Relisting should allow our shares to be
bought and held by a broader range of investors, traded and covered by
additional market makers and analysts and generally facilitate additional
shareholder liquidity."
         "Ligand's Board of Directors, Management and advisors continue to be
focused on the ongoing process of exploring strategic alternatives to enhance
shareholder value," added Robinson.

ABOUT LIGAND
         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. Ligand's proprietary drug
discovery and development programs are based on its leadership position in gene
transcription technology, primarily related to intracellular receptors. For more
information, go to www.ligand.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
         This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that
reflect Ligand's



judgment and involve risks and uncertainties as of the date of
this release. These statements include those related to the relisting of the
company's shares on the NASDAQ National Market, financial reporting
normalization, potential investors and additional liquidity, and exploration of
strategic alternatives. Actual events or results may differ materially from
Ligand's expectations. There can be no assurance that the market price of the
company's common shares will benefit or that the liquidity will be improved by
the relisting, that the composition of the company's shareholder base will be
affected, that the company's financial reporting or other attributes will
continue to meet the continued listing requirements of the NASDAQ National
Market or that the strategic process will be successful or yield preferred
results. Any future failure to maintain its NASDAQ listing may harm the
company's stock price. 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 web site at www.ligand.com. Ligand disclaims
any intent or obligation to update these forward-looking statements beyond the
date of this release.
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