UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
LIGAND PHARMACEUTICALS INCORPORATED
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
53220K207
---------
(CUSIP Number)
December 31, 2007
-----------------
(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)
*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 on the remainder of this cover page shall not be
deemed to be "filed" for the purpose 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).
Page 1 of 10
------------------------------ ---------------------
CUSIP No. 53220K207 13G Page 2 of 10 Pages
------------------------------ ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,868,200 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 10
------------------------------ ---------------------
CUSIP No. 53220K207 13G Page 3 of 10 Pages
------------------------------ ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,868,200 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 10
------------------------------ ---------------------
CUSIP No. 53220K207 13G Page 4 of 10 Pages
------------------------------ ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 10
------------------------------ ---------------------
CUSIP No. 53220K207 13G Page 5 of 10 Pages
------------------------------ ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,868,200 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,868,200 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 10
Item 1(a) Name of Issuer:
--------------
Ligand Pharmaceuticals Incorporated
Item 1(b) Address of Issuer's Principal Executive Offices:
--------- ------------------------------------------------
10275 Science Center Drive, San Diego, CA 92121-1117
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock ("Shares") of the Issuer beneficially owned by S.A.C.
Capital Associates, LLC ("SAC Capital Associates") and
S.A.C. MultiQuant Fund, LLC ("SAC MultiQuant Fund"); (ii)
S.A.C. Capital Management, LLC ("SAC Capital Management")
with respect to Shares beneficially owned by SAC Capital
Associates and SAC MultiQuant Fund; (iii) CR Intrinsic
Investors, LLC ("CR Intrinsic Investors") with respect to
Shares beneficially owned by CR Intrinsic Investments, LLC
("CR Intrinsic Investments"); and (iv) Steven A. Cohen with
respect to Shares beneficially owned by SAC Capital
Advisors, SAC Capital Management, SAC Capital Associates,
SAC MultiQuant Fund, CR Intrinsic Investors and CR Intrinsic
Investments.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72
Cummings Point Road, Stamford, Connecticut 06902 and (ii)
SAC Capital Management is 540 Madison Avenue, New York, New
York 10022.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management and CR
Intrinsic Investors are Delaware limited liability
companies. Mr. Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock
Item 2(e) CUSIP Number:
------------
53220K207
Item 3 Not Applicable
Page 6 of 10
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of October 31, 2007 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission for the
quarterly period ended September 30, 2007.
As of the close of business on December 31, 2007:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 1,868,200
(b) Percent of class: 2.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,868,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,868,200
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 1,868,200
(b) Percent of class: 2.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,868,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,868,200
3. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-0-
4. Steven A. Cohen
(a) Amount beneficially owned: 1,868,200
(b) Percent of class: 2.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,868,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,868,200
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen do not directly own any Shares.
Pursuant to investment management agreements, each of SAC
Capital Advisors and
Page 7 of 10
SAC Capital Management share all investment and voting power
with respect to the securities held by SAC Capital
Associates and SAC MultiQuant Fund. Pursuant to an
investment management agreement, CR Intrinsic Investors
maintains investment and voting power with respect to the
securities held by CR Intrinsic Investments. Mr. Cohen
controls each of SAC Capital Advisors, SAC Capital
Management and CR Intrinsic Investors. CR Intrinsic
Investments is a wholly owned subsidiary of SAC Capital
Associates. By reason of the provisions of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended, each of SAC
Capital Advisors, SAC Capital Management and Mr. Cohen may
be deemed to own beneficially 1,868,200 Shares (representing
approximately 2.0% of the Shares outstanding). Each of SAC
Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen disclaim beneficial ownership of any
of the securities covered by this statement, and SAC Capital
Associates disclaims beneficial ownership of any securities
held by CR Intrinsic Investments.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [X]
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
Page 8 of 10
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his 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.
Page 9 of 10
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: February 14, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
---------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
---------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
---------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
---------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 10 of 10