SC 13D/A

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

Sole Voting Power

0

Shared Voting Power

7,339,383

Sole Dispositive Power

0

Shared Dispositive Power

7,339,383

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

Viking Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

92686J106

(CUSIP Number)

Ligand Pharmaceuticals Incorporated

3911 Sorrento Valley Boulevard, Suite 110

San Diego, CA 92121

(858) 550-7500

Copy to:

Matthew T. Bush, Esq.

Latham & Watkins LLP

12670 High Bluff Drive

San Diego, CA 92130

Telephone: (858) 523-5400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 25, 2020

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 92686J106		13D		Page 1 of 4 pages


1		Names of Reporting Persons Ligand Pharmaceuticals Incorporated
2		Check the Appropriate Box if a Member of a Group (a) ☐ (b) ☐
3		SEC Use Only
4		Source of Funds (See Instructions) WC and OO
5		Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
6		Citizenship or Place of Organization Delaware


CUSIP No. 92686J106		13D		Page 2 of 4 pages

Explanatory Note

This Amendment No. 4 to Schedule 13D (“Amendment No. 4”) amends and supplements the Schedule 13D filed with the United States Securities and Exchange Commission (the “SEC”) on May 8, 2015 and as previously amended (the “Schedule 13D”) by Ligand Pharmaceuticals Incorporated (“Ligand” or the “Reporting Person”). Capitalized terms used but not defined herein shall have the meaning given in the Schedule 13D.

Item 2. Identity and Background.

Item 2 of the Schedule 13D is hereby amended and restated as follows:

(a) This Schedule 13D is being filed by Ligand Pharmaceuticals Incorporated (“Ligand” or the “Reporting Person”).

(b) The principal business address of the Reporting Person is 3911 Sorrento Valley Boulevard, Suite 110, San Diego, CA 92121. The principal business addresses of the directors and executive officers of the Reporting Person are set forth in Exhibit 99.1 to this Amendment No. 4.

(c) The principal business of the Reporting Person is developing or acquiring royalty generating assets in the pharmaceutical industry. The principal occupations of the directors and executive officers of the Reporting Person are set forth in Exhibit 99.1 to this Amendment No. 4.

(d) Neither the Reporting Person nor any person listed in Exhibit 99.1 to this Amendment No. 4 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) Neither the Reporting Person nor any person listed in Exhibit 99.1 to this Amendment No. 4 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or a finding of any violation with respect to such laws.

(f) The Reporting Person is a corporation organized under the laws of the State of Delaware. Information called for by Items 2 – 6 of this Amendment No. 4 concerning the directors and executive officers of the Reporting Person is set forth in Exhibit 99.1 to this Amendment No. 4.

Item 5. Interest in Securities of the Issuer.

(a) – (b)

Ligand beneficially owns, in the aggregate, 7,339,383 shares of Common Stock, constituting approximately 9.9% of the Common Stock outstanding, consisting of (i) 4,936,909 shares of Common Stock held directly by Ligand, (ii) 882,474 shares of Common Stock held directly by Metabasis, and (iii) 1,520,000 shares of Common Stock issuable upon exercise of the Warrants held directly by Ligand.


CUSIP No. 92686J106		13D		Page 3 of 4 pages

The aggregate percentage of Common Stock beneficially owned by Ligand is based on 72,758,342 shares of Common Stock of the Issuer outstanding on July 15, 2020.

(c)	Item 5(c) of the Schedule 13D is amended and supplemented by inserting the following information:

From the date of the most recent amendment to this Amendment No. 4, Ligand disposed of 164,488 shares of Common Stock, in a series of transactions at prices ranging from $8.0225 to $8.20 per share in open market transactions on the Nasdaq Stock Market. Details by date, listing the number of shares of Common Stock disposed of and the weighted average price per share are provided below. The Reporting Person undertakes to provide, upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price for these transactions.


Date	Equity Shares Disposed Of		Weighted Average Price per Share
August 25, 2020		70,000	$	8.0225
August 26, 2020		148,700	$	8.108

Except for the transactions disclosed in this Item 5(c), neither the Reporting Person or Related Persons has effected any transactions in the Common Stock of the Issuer since the most recent filing on Schedule 13D.

(d)

None.

(e)	Not applicable.

Item 7. Materials to be Filed as Exhibits

Item 7 of the Schedule 13D is hereby amended to replace Exhibit 99.1 previously filed as Exhibit 99.1 filed herewith.


Exhibit Number		Description
99.1		Information concerning the directors and executive officers of Ligand Pharmaceuticals Incorporated


CUSIP No. 92686J106		13D		Page 4 of 4 pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: August 28, 2020


Ligand Pharmaceuticals Incorporated

By:		/s/ Charles Berkman
Name: Charles Berkman
Title: Senior Vice President, General Counsel and Secretary

EX-99.1

Exhibit 99.1

INFORMATION REGARDING THE DIRECTOR AND EXECUTIVE OFFICERS OF LIGAND PHARMACEUTICALS INCORPORATED AND METABASIS THERAPEUTICS, INC.

The names and the principal occupations of the current directors and executive officers of Ligand Pharmaceuticals Incorporated (“Ligand”) are set forth below. The business address of each of the individuals named below is 3911 Sorrento Valley Boulevard, Suite 110, San Diego, CA 92121.

During the last five years, none of the individuals has been convicted in any criminal proceeding (excluding traffic violations and similar misdemeanors) or has been a party to any civil proceeding of a judicial or administrative body as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding violations with respect to such laws. In addition, other


	Position with Ligand	Principal Occupation	Shares of Viking Therapeutics, Inc. beneficially owned	Description of any contract, arrangement, understanding or relationship with respect to any securities of Viking Therapeutics, Inc.	Citizenship
John Kozarich, Ph.D.	Chairman & CEO	Interim Chief Executive Officer of Curza Global, LLC	0	Not applicable	USA
Jason Aryeh	Director	Managing General Partner of JALAA Equities, LP	0	Not applicable	USA
Sarah Boyce	Director	President and Chief Executive Officer of Avidity Biosciences, Inc.	0	Not applicable	USA
Todd Davis	Director	Founder and Managing Partner of RoyaltyRx Capital	0	Not applicable	USA
Nancy Gray, Ph.D	Director	President and CEO of Gordon Research Conferences	0	Not applicable	USA


John Higgins	Director	Chief Executive Officer and Director at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA
John LaMattina, Ph.D	Director	Director at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA
Sunil Patel	Director	Director at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA
Stephen L. Sabba	Director	Director at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA
Matthew Foehr	President & COO	President and Chief Operating Officer at Ligand Pharmaceuticals Incorporated	137,036	Director of the Viking	USA
Matthew Korenberg	Executive Vice President, Finance and Chief Financial Officer	Executive Vice President, Finance and Chief Financial Officer at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA
Charles Berkman, JD	Senior Vice President, General Counsel and Secretary	Senior Vice President, General Counsel and Secretary at Ligand Pharmaceuticals Incorporated	0	Not applicable	USA