Ligand Updates License Agreement with Exelixis

SAN DIEGO--(Business Wire)--
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) has amended its license
agreement with Exelixis, Inc. (NASDAQ: EXEL) as a result of which Ligand is now
entitled to receive royalties on net sales of future products from a
mineralocorticoid receptor program and a one-time $75,000 payment for providing
access to certain patent rights. Also, as a result of Ligand`s settlement with
Salk last year, the amendment eliminated certain minimum annual royalties that
may have been payable by Exelixis.

The agreement originated in 1999 when Ligand invested in and licensed certain
technologies to X-Ceptor, a private company subsequently acquired by Exelixis.
As a result of the amendment, Ligand is now entitled to receive a royalty for
the mineralocorticoid receptor program in preclinical studies targeting
metabolic disease that Exelixis previously partnered with Daiichi Sankyo.

About Ligand Pharmaceuticals

Ligand discovers and develops new drugs that address critical unmet medical
needs of patients with muscle wasting, frailty, hormone-related diseases,
osteoporosis, inflammatory diseases, anemia, asthma, rheumatoid arthritis and
psoriasis. Ligand's proprietary drug discovery and development programs are
based on advanced cell-based assays, gene-expression tools, ultra-high
throughput screening and one of the world`s largest combinatorial chemical
libraries. Ligand has strategic alliances with major pharmaceutical and
biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon,
GlaxoSmithKline, Schering-Plough, Pfizer and Wyeth Pharmaceuticals. With nine
pharmaceutical agreements and more than 20 molecules in various stages of
development, Ligand utilizes proprietary technologies for identifying drugs with
novel receptor and enzyme drug targets.

Forward-Looking Statements

This release contains forward-looking statements that involve risks and
uncertainties. Ligand caution readers that any forward-looking information is
not a guarantee of future performance and actual results could differ materially
from those contained in the forward-looking information. Words such as "expect,"
"estimate," "project," "potential," and similar expressions are intended to
identify such forward-looking statements. Such forward-looking statements
include, but are not limited to, the expected receipt of cash and/or royalty
payments from Exelixis under the license agreement, statements about the
benefits of the transaction between Ligand and Exelixis or about Ligand`s
technology or intellectual property, and other statements that are not
historical facts. Among the important factors that could cause actual results to
differ materially from those in any forward-looking statements are the risks
that Exelixis will not make any future payments under the license agreement or
that any payments it makes may be made in smaller amounts or later than
expected. Exelixis` product candidates may have unexpected adverse side effects
or inadequate therapeutic efficacy; and positive results in clinical trials may
not be sufficient to obtain FDA approval. There can be no assurance that any
product in Ligand`s or Exelixis` product pipeline will be successfully developed
or manufactured, that final results of clinical studies will be supportive of
regulatory approvals required to market licensed products, or that any of the
forward-looking information provided herein will be proven accurate. Additional
important factors that may affect future results are detailed in Ligand`s
filings with the Securities and Exchange Commission (the "SEC"), including the
company`s recent filings on Forms 10-K and 10-Q, or in information disclosed in
public conference calls, the date and time of which are released beforehand.
Ligand disclaims any intent or obligation to update these forward-looking
statements beyond the date of this release.

Ligand Contacts:
Ligand Pharmaceuticals Incorporated
John L. Higgins, President and CEO
Erika Luib, Investor Relations
858-550-7896
or
Lippert/Heilshorn & Associates
Don Markley
310-691-7100
dmarkley@lhai.com

Copyright Business Wire 2009