Ligand Pharmaceuticals Inc. And Third Point Reach Agreement

SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Dec. 5, 2005--Ligand Pharmaceuticals Incorporated (Pink Sheets:LGND) and Third Point LLC announced today that they have reached an agreement, by which Ligand will expand its board of directors by December 8, 2005, the next regularly scheduled board meeting, from eight to eleven members. The new board will consist of the existing board members plus Daniel S. Loeb, Jeffrey R. Perry, and Brigette Roberts, M.D. While its representatives are on the board and for a minimum of six months from the date of the agreement, Third Point will not sell its Ligand shares, solicit proxies or take certain other stockholder actions.