Ligand Pharmaceuticals Shares Drop After Plans to Offer $550 Million in Notes
By Chris Wack
Ligand Pharmaceuticals shares were 8% lower, at $254.01, after the company said it plans to offer $550 million of convertible senior notes due 2031 in a private placement.
Ligand said it expects to grant to the initial purchasers of the notes a 13-day option to buy up to an additional $82.5 million of notes.
The notes will be general unsecured, senior obligations of Ligand, and will accrue interest payable semiannually each March 15 and Sept. 15, beginning on March 15, 2027.
The notes will mature Sept. 15, 2031, unless earlier converted, redeemed or repurchased.
Ligand expects to use up to $75 million of the proceeds from the offering to repurchase shares of its common stock from certain purchasers of the notes in privately negotiated transactions. The company said it intends to use the remaining proceeds for general corporate purposes, including investing in complementary businesses, companies, products and technologies.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 22, 2026 10:44 ET (14:44 GMT)
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