Ligand Pharmaceuticals announced the pricing of $400 million aggregate principal amount of 0.75% convertible senior notes due 2030 in a private placement.
The sale of the notes is expected to close on August 14, 2025, subject to customary closing conditions.
Net proceeds from the offering are estimated to be approximately $386.9 million after deducting fees and estimated expenses.
Convertible Senior Notes Offering
$400 million aggregate principal amount of 0.75% convertible senior notes due 2030 are being offered in a private placement.
Net Proceeds
Estimated net proceeds from the offering are around $386.9 million after expenses, potentially reaching $445.1 million if additional notes are fully purchased.
Usage of Proceeds
Approximately $39.9 million to cover convertible note hedge transactions, $15.0 million for repurchasing shares, and the remainder for general corporate purposes.
- The notes will accrue interest payable semiannually and mature on October 1, 2030, with the option for holders to convert under certain conditions.
- Ligand expects to use the net proceeds for corporate purposes and potentially for investing in complementary businesses and technologies.
The offering of convertible senior notes provides Ligand Pharmaceuticals with substantial funding for strategic initiatives and operational needs.