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): March 20, 2007

                       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 March 20, 2007, the Board of Directors of Ligand Pharmaceuticals
Incorporated (the "Company") declared a special one-time cash dividend of $2.50
per share of common stock, payable on April 19, 2007, to stockholders of record
on April 5, 2007. In addition, the Board of Directors authorized share
repurchases of up to $100 million within the next 12 months.

         A copy of the press release dated March 21, 2007 announcing the
declaration of the dividend and the authorization of the share repurchases is
filed herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

    EXHIBIT NO.       DESCRIPTION

    99.1              Press release of the Company dated March 21, 2007.








                                   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: March 23, 2007                  By:   /s/Tod G. Mertes
                                           Name: Tod G. Mertes
                                           Title: Interim CFO

EX-99

                                                                    EXHIBIT 99.1


[LIGAND LETTERHEAD]


CONTACTS:
Ligand Pharmaceuticals Incorporated               Lippert/Heilshorn & Associates
John L. Higgins, President and CEO  or            Don Markley
Erika Luib-De la Cruz, Investor Relations         DMARKLEY@LHAI.COM
(858) 550-7896                                       (310) 691-7100



         LIGAND PHARMACEUTICALS ANNOUNCES $353 MILLION CASH DIVIDEND AND
                         SHARE REPURCHASE AUTHORIZATION

           Program Includes a $2.50 per share Cash Dividend Payable April 19th -

SAN DIEGO (MARCH 21, 2007) - LIGAND PHARMACEUTICALS INCORPORATED (NASDAQ: LGND)
today announced return of cash on the common stock of the Corporation in the
form of a $2.50 per share cash dividend, payable on April 19, 2007 to
shareholders of record as of April 5, 2007. In addition to this approximately
$253 million cash dividend, Ligand's board of directors has authorized up to
$100 million in share repurchases within the next 12 months.
         "Our strategy of building a highly focused R&D- and royalty-driven
biotech company allows us the ability to deliver value to shareholders through
this one-time cash dividend and open market share repurchases, while maintaining
a strong balance sheet and funding ongoing operations," said John L. Higgins,
President and Chief Executive Officer. "The cash we are returning to our
stockholders is a result of the sale of our commercial operations in 2006 and
early 2007, and today's announcement follows a formal, third-party valuation
analysis and discussion among Company directors and consultants, among other
considerations."
         As of February 28, 2007, Ligand had approximately $415 million of
unrestricted cash and investments. Additionally, there is $35.0 million of cash
held in escrow accounts following the sales of AVINZA and our oncology product
line to support potential indemnification claims by the purchasers of those
assets.
         Ligand option holders will not receive any proceeds from the payment of
the dividend. Accordingly, the compensation committee of the board of directors
may evaluate making some form of adjustment to outstanding stock options. In
February 2007, shareholders approved a measure (as described in our January 2007
proxy statement) authorizing the Company to make an adjustment to outstanding
stock options in an equitable manner.

ABOUT LIGAND PHARMACEUTICALS
         Ligand discovers and develops new drugs that address critical unmet
medical needs of patients in the areas of thrombocytopenia, cancer, hepatitis C,
hormone-related diseases, osteoporosis 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.

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. Actual events or results may differ from Ligand's
expectations. For example, we may not be able to timely or successfully
transform the Company or advance any product(s) in our pipeline. Further, we may
not be able to complete our reductions in workforce on any particular or
expected timeframe, we may not realize significant operating savings due to our
restructuring, we may not be able to successfully or timely complete a
transformation of the company, our early stage programs or any specific business
or research initiative(s). In addition, we may not be able to successfully
implement our strategy, and continue the development of our proprietary
programs. Also, the Company may not repurchase any or all of the $100 million
authorized for share repurchase. The failure to meet expectations with respect
to any of the foregoing matters may reduce our stock price. Additional
information concerning these and other risk factors affecting Ligand's business
can be found in prior press releases available via www.nasdaq.com as well as in
Ligand's public periodic filings with the Securities and Exchange Commission at
www.sec.gov 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.
                                      # # #