Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On January 8, 2016, Ligand Pharmaceuticals Incorporated (the “Company”, “Ligand”, “we” or “us”) completed the acquisition of substantially all of the assets and liabilities of Open Monoclonal Technology, Inc. (“OMT, Inc.”) and its wholly owned subsidiaries (together “OMT”) pursuant to the terms and conditions of the Agreement and Plan of Merger, dated as of December 17, 2015 (the “Merger Agreement”).

The unaudited pro forma condensed combined financial information is presented in accordance with the rules specified by Article 11 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”) and has been prepared subject to the assumptions and adjustments as described in the notes thereto.

The following unaudited pro forma condensed combined statement of financial condition as of December 31, 2015 gives effect to the acquisition of substantially all of the assets of OMT as if it had occurred on December 31, 2015, and the following unaudited pro forma condensed combined statement of operations for the year ended December 31, 2015 gives effect to the acquisition as if it had occurred as of January 1, 2015, subject to the assumptions and adjustments as described in the accompanying notes. The adjustments included in the column “Assets and Liabilities Not Acquired” in the unaudited pro forma condensed combined statement of financial condition and statements of operations represent the assets that were not acquired and liabilities that were not assumed in connection with the OMT acquisition, and also the corresponding revenues and expenses. The historical financial information is adjusted in the unaudited pro forma financial statements to give effect to pro forma adjustments that are (1) directly attributable to the acquisition, (2) factually supportable, and (3) with respect to the pro forma statements of operations, expected to have a continuing impact on the combined results.

The unaudited pro forma condensed combined financial information is presented for informational purposes only and is not necessarily indicative of the financial condition or results of operations that would have occurred if the acquisition had been consummated on the dates indicated, nor is it indicative of the future financial condition or results of operations of the combined company. The unaudited pro forma condensed combined financial information does not give effect to any potential cost savings or other operational efficiencies that could result from the acquisition.

The pro forma combined condensed financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 and notes thereto of Ligand contained in its 2015 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 26, 2016 and the historical audited financial statements for the year ended December 31, 2015 and notes thereto of OMT which are included as Exhibit 99.1 to this Current Report on Form 8-K/A.

The Company has made a preliminary estimated allocation of the consideration transferred to the assets acquired and liabilities assumed as of the acquisition date based on the preliminary information available and management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed. The finalization of the Company’s purchase accounting assessment may result in changes to the valuation of assets acquired and liabilities assumed, particularly in regards to indefinite and finite-lived intangible assets and deferred tax assets and liabilities, which could be material. Accordingly, the pro forma adjustments related to the allocation of estimated consideration transferred are preliminary and have been presented solely for the purpose of providing unaudited pro forma condensed combined financial information in this Current Report on Form 8-K/A. The Company expects to finalize its accounting for the business combination as soon as practicable within the measurement period in accordance with Accounting Standards Codification Topic 805 “Business Combinations” (“ASC 805”), but in no event later than one year from January 8, 2016 (the “Acquisition Date”).

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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF FINANCIAL CONDITION

As of December 31, 2015

(in thousands)

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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Year Ended December 31, 2015

(in thousands, except per share amounts)

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NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On January 8, 2016, Ligand completed the acquisition of substantially all of the assets and liabilities of OMT pursuant to the terms and conditions of the Merger Agreement, by and among Ligand, OMT, Inc., OMT LLC, certain Ligand subsidiaries formed solely for the merger transactions, and Fortis Advisors LLC, as the stockholders’ representative, dated as of December 17, 2015. As a result, OMT, Inc. merged with and into Ligand with Ligand being the surviving corporation (the “Merger”). In addition, prior to the Merger, OMT, Inc. and OMT LLC entered into a stock exchange agreement pursuant to which all of OMT LLC’s subsidiaries became wholly-owned subsidiaries of OMT, Inc. by exchanging all outstanding shares of OMT LLC’s subsidiaries’ stock for shares of Class A Common Stock of OMT, Inc. Upon the completion of all the above mentioned transactions, OMT, including its subsidiaries, became a wholly-owned subsidiary of Ligand.

Ligand unaudited pro forma condensed combined financial information has been compiled from underlying financial statements prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and reflect the acquisition of substantially all of the assets of OMT.

The following unaudited pro forma condensed combined statement of financial condition as of December 31, 2015 gives effect to the acquisition of substantially all of the assets of OMT as if it had occurred on December 31, 2015, and the following unaudited pro forma condensed combined statement of operations for the year ended December 31, 2015 gives effect to the acquisition as if it had occurred as of January 1, 2015, subject to the assumptions and adjustments as described in the accompanying notes. The adjustments included in the column “Assets Not Acquired and Liabilities Not Assumed” in the unaudited pro forma condensed combined statement of financial condition and statements of operations represent the assets that were not acquired/liabilities not assumed in connection with the OMT acquisition, and also the corresponding revenues and expenses. The historical financial information is adjusted in the unaudited pro forma financial statements to give effect to pro forma adjustments that are (1) directly attributable to the acquisition, (2) factually supportable, and (3) with respect to the pro forma statements of operations, expected to have a continuing impact on the combined results.

The unaudited pro forma condensed combined financial statements for the year ended December 31, 2015 includes balances derived from the audited financial statements of OMT Therapeutics, Inc. (“OMTT”), an entity under common control with OMT, Inc, as of December 31, 2015, which was not a part of the entities acquired by Ligand or under common control with Ligand. These audited financial statements are attached as Exhibit 99.1 to this Current Report on Form 8-K/A. The use of audited financial statements of an entire consolidated entity where only selected parts of an entity are acquired and those acquired parts represent substantially all of the selling entity has been used in accordance with published SEC observations. The amounts which are attributable to this entity have been recorded as a pro forma adjustment to the unaudited pro forma condensed combined financial statements for the year ended December 31, 2015.

The following reclassification adjustments have been made to OMT’s historical financial statements to conform to Ligand’s presentation (in thousands):

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The acquisition of OMT has been accounted for using the acquisition method of accounting in accordance with ASC 805, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill.

The accounting for the business combination is based on currently available information and is considered preliminary. The final accounting for the business combination may differ materially from that presented in these unaudited pro forma condensed financial statements.

The consideration transferred to acquire OMT was approximately $174.1 million, consisting of approximately $96.4 million in cash and $77.7 million in shares of Ligand’s common stock, subject to certain customary post-closing adjustments, in each case upon the terms and subject to the conditions contained in the Merger Agreement. The following table summarizes the preliminary estimate of consideration expected to be transferred ($ in thousands):

The following table presents the preliminary purchase price allocation of the assets acquired and liabilities assumed based on their estimated fair values as if the acquisition had occurred on December 31, 2015, which is the assumed acquisition date for purposes of the pro forma balance sheet (in thousands):

Ligand believes the amount of goodwill resulting from the allocation of purchase consideration is primarily attributable to OMT’s revenue growth from combining the OMT and Ligand businesses and workforce, as well as the benefits of access to different markets and customers.

The following notes relate to the unaudited pro forma condensed combined balance sheet as of December 31, 2015:

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