Ligand closes $700M convertible notes offering, deploys $60M for share buyback

Filed June 25, 2026 · Period ending June 25, 2026 · ~1 min read

Key Changes

• high

  Completed $700M zero-coupon convertible notes due 2031, convertible at $334.27/share (27.5% premium to pricing-date close). Net proceeds $678.2M after fees.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Used $60M of proceeds to repurchase 228,859 shares at $262.17 in privately negotiated transactions concurrent with pricing, offsetting potential dilution.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Entered note hedge transactions (strike $334.27) and sold warrants (strike $524.34) covering ~2.09M shares. Hedges reduce conversion dilution; warrants dilutive above $524.34.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →