Ligand Pharmaceuticals Announces $625 Million Convertible Notes Pricing
Ligand Pharmaceuticals announced the pricing of $625.0 million aggregate principal amount of 0.0% convertible senior notes due 2031 in a private placement to persons reasonably believed to be qualified institutional buyers. Upon conversion, Ligand will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of Ligand's common stock or a combination of cash and shares of Ligand's common stock, at Ligand's election, in respect of the remainder, if any, of Ligand's conversion obligation in excess of the aggregate principal amount of the notes being converted. The conversion rate will initially be 2.9916 shares of Ligand's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $334.27 per share of Ligand's common stock). The initial conversion price of the notes represents a premium of approximately 27.5% over the last reported sale price of Ligand's common stock on the Nasdaq Global Market on June 22, 2026.
