SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced the distribution of a $2.50 per share dividend, payable today to stockholders of record as of April 5, 2007. Stockholders will receive further information for tax reporting purposes in the first quarter of 2008. At this time, Ligand expects a significant portion of the distribution will likely be characterized as a taxable dividend due to the large gain from the AVINZA sale that closed in February of 2007. However, the Company will not have the information until after year-end 2007 to determine precisely how much of the distribution will be characterized as dividend income, return of capital and/or capital gain. Following the payment of the dividend, Ligand has approximately $155 million in cash, short-term investments and restricted cash. Further, Ligand has $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.
