LIGAND PHARMACEUTICALS INC

# Signal Note: Driehaus Initiates $23.1M LGND Position Driehaus's entry into LGND suggests conviction in the company's diversified royalty and partnered asset portfolio, which generates recurring revenue with lower execution risk than pure development-stage biotech. The position timing may reflect confidence in near-term catalysts from partner programs (notably Retinoid X Receptor agonists in Nash/fibrosis and various oncology partnerships) or valuation dislocation relative to cash-generative assets. This is a classic Driehaus move—adding a profitable, cash-flowing biotech with partnership leverage rather than binary clinical risk.