Ligand Pharmaceuticals Incorporated (Ligand) is a biotechnology company that operates with a business model focused on developing or acquiring assets. The Company�s technology portfolio CAPTISOL is a formulation technology that has enabled five Food and Drug Administration (FDA) approved products, including Pfizer�s VFEND IV and Baxter International�s Nexterone and is being used in a number of clinical-stage partner programs. The therapies in its portfolio in development address the unmet medical needs of patients for a spectrum of diseases, including hepatitis, muscle wasting, Alzheimer�s disease, dyslipidemia, diabetes, anemia, asthma, rheumatoid arthritis and osteoporosis. It�s wholly owned subsidiaries include Ligand JVR, Allergan Ligand Retinoid Therapeutics, Seragen, Inc., Pharmacopeia, LLC, Neurogen Corporation, CyDex Pharmaceuticals, Inc. and Metabasis Therapeutics. On January 26, 2011, the Company acquired CyDex Pharmaceuticals, Inc. (CyDex).