Ligand Completes $700M Convertible Notes Offering; Repurchases Shares

Ligand Pharmaceuticals announced the completion of its previously announced offering of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031. The net proceeds, approximately $678.2 million, were used to enhance financial flexibility. A portion of the proceeds, $72.9 million, was used for convertible note hedge transactions to reduce potential dilution, and approximately $60.0 million was used to repurchase 228,859 shares of common stock at $262.17 per share. The remaining net proceeds are intended for general corporate purposes, including investments in complementary businesses and the previously announced acquisition of XOMA Royalty Corporation.