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FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
WEBB MARIA L
(Last)(First)(Middle)
PHARMACOPEIA, INC., P.O. BOX 5350
(Street)
PRINCETONNJ08543-5350
(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
PHARMACOPEIA INC [PCOP]		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
VP, Preclinical Research
3. Date of Earliest Transaction (Month/Day/Year)
12/23/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code
(Instr. 8)		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		7. Nature of Indirect Beneficial Ownership
(Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock 12/23/2008 F  3,534 D (1) 17,700.83 D  
Common Stock 12/23/2008 D  17,700.83 D (2) 0 D  

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date
(Month/Day/Year)		7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		11. Nature of Indirect Beneficial Ownership
(Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Incentive Stock Option (right to buy) $ 4.0364 12/23/2008 D   18,609 05/28/2000(3)05/28/2009 Common Stock 18,609 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 4.75 12/23/2008 D   20,897  (3)03/01/2016 Common Stock 20,897 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 5.0454 12/23/2008 D   11,688 05/08/2003(3)05/08/2012 Common Stock 11,688 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 5.3045 12/23/2008 D   14,271 09/24/2002(3)09/24/2011 Common Stock 14,271 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 5.8523 12/23/2008 D   8,355 07/30/1999(3)07/30/2008 Common Stock 8,355 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 8.8818 12/23/2008 D   13,530 03/16/2005(3)03/16/2014 Common Stock 13,530 $ 0.2 0 D  
Incentive Stock Option (right to buy) $ 19.7727 12/23/2008 D   11,435 07/11/2001(3)07/11/2010 Common Stock 11,435 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 3.84 12/23/2008 D   20,000 02/25/2009(3)02/25/2018 Common Stock 20,000 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 4.0364 12/23/2008 D   12,190 05/28/2000(3)05/28/2009 Common Stock 12,190 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 4.67 12/23/2008 D   20,000 02/28/2008(3)02/28/2017 Common Stock 20,000 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 4.75 12/23/2008 D   4,103  (3)03/01/2016 Common Stock 4,103 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 5.0454 12/23/2008 D   21,311 05/08/2003(3)05/08/2012 Common Stock 21,311 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 5.3045 12/23/2008 D   18,728 09/24/2002(3)09/24/2011 Common Stock 18,728 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 5.8523 12/23/2008 D   4,021 07/30/1999(3)07/30/2008 Common Stock 4,021 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 8.8818 12/23/2008 D   13,970 03/16/2005(3)03/16/2014 Common Stock 13,970 $ 0.2 0 D  
Non-Qualified Stock Option (right to buy) $ 19.7727 12/23/2008 D   8,364 07/11/2001(3)07/11/2010 Common Stock 8,364 $ 0.2 0 D  
Explanation of Responses:
1. Disposed of in connection with tax withholding obligation of the reporting person upon the vesting of 12,000 restricted stock units as a result of the consummation of the transactions contemplated by a merger agreement (the "merger agreement") by and among Pharmacopeia, Inc. ("Pharmacopeia"), Ligand Pharmaceuticals Incorporated ("Ligand"), Margaux Acquisition Corp., a wholly-owned subsidiary of Ligand, and Latour Acquisition, LLC, a wholly-owned subsidiary of Ligand.
2. Disposed of pursuant to the merger agreement in exchange for approximately 10,593.95 shares of Ligand common stock having a market value of $2.58 per share on the effective date of the merger and $5,487.26 in cash, without interest. In addition, the reporting person received one contingent value right ("CVR") for each share of the Pharmacopeia common stock disposed of in the merger by the reporting person. The CVRs provide each holder the right to receive approximately $0.50 per share if Ligand enters into a license, sale, development, marketing or option agreement with respect to any product candidate from Pharmacopeia's dual angiotensin and endothelin receptor antagonist program (other than any agreement with Bristol-Myers Squibb Company or any of its affiliates) on or prior to December 31, 2011.
3. This option was canceled in connection with Pharmacopeia's offer to purchase all outstanding options, whether vested or unvested, to purchase shares of Pharmacopeia common stock, par value $0.01 per share, which was consummated on December 23, 2008. The reporting person received a cash payment of $0.20 per share of common stock issuable upon exercise of each such option.
By: Justin Vogel For: Maria L. Webb12/24/2008
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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