Ligand Pharmaceuticals Inc. To Explore Strategic Alternatives; Engages UBS Investment Bank As Financial Advisor

SAN DIEGO--(BUSINESS WIRE)--Nov. 18, 2005--Ligand Pharmaceuticals Incorporated (Pink Sheets: LGND) today announced that the board of directors and management of the company believe that, while ongoing operational actions should translate into improved shareholder value, following their continued review of the company's business, product assets, and current strategic position, it is also now appropriate to initiate an external process to explore strategic alternatives to enhance shareholder value. As a result, the board of directors has authorized and the company has engaged UBS Investment Bank ("UBS") as its financial advisor to assist the board of directors and management in this process.

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