Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 38

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 38
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 Equity Partners    |
| Corsair Capital               |     | Northleaf Capital Partners |     |                           |
| Court Square Capital Partners |     | Norwest Equity Partners    |     |                           |

#### Life Sciences Peer Group
The Human Capital Management and Compensation Committee also worked with Aon to update the peer group of Life Sciences companies, which will serve as market reference point for operational roles.

The peer group was not selected on the basis of executive compensation levels and reflects companies that are our peers in terms of our then current business model and stage of development, including the number of programs maintained by us and the importance of licensing to our business model.

The selected companies in our peer group are companies that fall within a reasonable range of comparison factors and/or that we may compete with for executive talent. In addition to the criteria related to finding companies with similar business models and at a similar stage of development as Ligand. Given the significant shifts in our corporate strategy, the Human Capital Management and Compensation Committee and Aon undertook a comprehensive review of the corporate profile and peer group construction process, which resulted in a peer group refresh to better align with the Company’s transformed business and market for talent. Following that process, the peer criteria are as follows:

| Peer Group Selection Criteria                                                                                                                                                                                                                                                                                                            |
| •Pharmaceuticals, Late-Stage Pre-Commercial & Commercial, with consideration towards Ligand’s various assets.                                                                                                                                                                                                                            |
| •Revenues ranging from $0 million to $400 million. At the time the peer group was established in October 2023, Ligand was positioned at the 86th percentile of the peer group for projected revenues for fiscal year 2023.                                                                                                               |
| •Market capitalizations between $300 million and $3.0 billion. Ligand’s 30-day average market capitalization as of October 2023 was approximately $1.04 billion.  The peer group ranged between 1/3x to 3x of Ligand’s 30-day average.  Ligand’s market capitalization was positioned at the 50th percentile of the approved peer group. |
| •Companies with a headcount generally below 130 employees.                                                                                                                                                                                                                                                                               |

The life sciences peer group companies for 2024 compensation was comprised of the following companies:

| 89bio                    |     | Day One Biopharmaceuticals  |     | SIGA Technologies      |
| Akero Therapeutics       |     | HilleVax                    |     | Structure Therapeutics |
| Ardelyx                  |