EXHIBIT 99.1

                                                     Contact: Warner R. Broaddus
                                                 VP, General Counsel & Secretary
                                                                    858/550-7830

              LIGAND ANNOUNCES RECENTLY FILED CLASS ACTION LAWSUIT

     SAN DIEGO, CA, August 11, 2004 - Ligand Pharmaceuticals, Inc., (Nasdaq:
LGND) today announced that Ligand, David E. Robinson, Chairman, President and
Chief Executive Officer, and Paul V. Maier, Senior Vice President and Chief
Financial Officer, have been named as defendants in a purported shareholder
class action lawsuit alleging violations of federal securities laws. The
plaintiffs allege that the defendants issued certain statements concerning the
Company's ability to grow its revenues and earnings during the period of March
3, 2004, to August 2, 2004. Plaintiffs allege these statements were false and
misleading and seek unspecified damages.

     "Ligand believes that the allegations in the lawsuit are without merit and
we will vigorously defend against them," said Warner R. Broaddus, Vice
President, General Counsel and Secretary.

ABOUT LIGAND

     Ligand discovers, develops and markets new drugs that address critical
unmet medical needs of patients in the areas of cancer, pain, skin diseases,
men's and women's hormone-related diseases, osteoporosis, metabolic disorders,
and cardiovascular and inflammatory diseases. Ligand's proprietary drug
discovery and development programs are based on its leadership position in gene
transcription technology, primarily related to Intracellular Receptors (IRs) and
Signal Transducers and Activators of Transcription (STATs). For more
information, go to www.ligand.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

     This news release contains certain forward-looking statements by Ligand
that involve risks and uncertainties and reflect Ligand's judgment as of the
date of this release. These statements include those related to filing of future
actions, merits of the lawsuits and defenses to the allegations contained in the
lawsuits and the uncertainties of litigation. Actual events or results may
differ from Ligand's expectations. There can be no assurance that Ligand will
successfully defend any lawsuit including any purported securities class action.
Additional information concerning these and other risk factors affecting
Ligand's business can be found in prior press releases as well as in Ligand's
public periodic filings with the Securities and Exchange Commission, available
via Ligand's Web site at www.ligand.com. Ligand disclaims any intent or
obligation to update these forward-looking statements beyond the date of this
release. This caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.