EXHIBIT 99.1

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

                      LIGAND RENEWS STOCKHOLDER RIGHTS PLAN
                               TRIGGER SET AT 20%

         SAN DIEGO, CA -- OCTOBER 16, 2006 -- Ligand Pharmaceuticals
Incorporated (NASDAQ: LGND) ("Ligand") today announced that the Board of
Directors of Ligand has renewed the stockholder rights plan, which was
originally adopted and has been in place since September 1996, and which expired
on September 13, 2006, through the adoption of a new 2006 Stockholder Rights
Plan (the "2006 Rights Plan"). The 2006 Rights Plan is intended to enable all
Ligand stockholders to realize the long-term value of their investment in
Ligand. The 2006 Rights Plan will not prevent a takeover, but should encourage
anyone seeking to acquire Ligand to negotiate with the Board of Directors prior
to attempting a takeover. The 2006 Rights Plan has substantially the same terms
as the expired rights plan other than an increase in the threshold percentage of
beneficial ownership that will trigger a distribution of the rights under the
2006 Rights Plan to 20% of outstanding shares, from the 10% level previously in
effect. The 2006 Rights Plan will expire in 2016. Pursuant to the 2006 Rights
Plan, Ligand's Board of Directors declared a dividend distribution of one
Preferred Share Purchase Right (a "Right") on each outstanding share of Ligand's
common stock. Subject to limited exceptions, the Rights will be exercisable if a
person or group acquires 20% or more of Ligand's outstanding common stock or
announces a tender offer for 20% or more of the common stock. Ligand's Board of
Directors may approve redemption of the Rights in whole, but not in part, at a
price of $0.01 per Right.
            The Rights will become exercisable to purchase 1/1000th of a share
of Ligand's Series A Participating Preferred Stock, at an exercise price of
$100.00 per Right, when any person or group announces the intent to acquire or
acquires 20% or more of Ligand's Common Stock. In that event, the Rights permit
Ligand stockholders, other than the acquiring person, to purchase Ligand Common
Stock having a market value of twice the exercise price of the Rights, in lieu
of the Preferred Stock. In addition, in the event of certain business
combinations, the Rights permit the purchase of the Common Stock of an acquiring
person at a 50% discount. Rights held by the acquiring person will become null
and void in each case.
            The Rights are not being distributed in response to any specific
effort to acquire control of Ligand. The Rights are designed to assure that all
Ligand stockholders receive fair and equal treatment in the event of any
proposed takeover of Ligand and to guard against partial tender offers, open
market accumulations and other potentially abusive tactics to gain control of
Ligand, while not foreclosing a fair acquisition bid for Ligand.
            The dividend distribution to establish the 2006 Rights Plan will be
payable on October 31, 2006 to stockholders of record on that date. The Rights
distribution is not taxable to stockholders.

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

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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 certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. These statements include those related to the benefits of
the 2006 Rights Plan and the ability of the 2006 Rights Plan to maximize
stockholder value in the event of a takeover of Ligand. Actual events or results
may differ materially from those set forth in this release due to the risks and
uncertainties inherent in Ligand's business, including, without limitation,
discouragement or prevention of a change in control of Ligand. 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 the company'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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