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Ligand Pharmaceuticals Plans $550 Million Convertible Notes Offering Due 2031

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Ligand Pharmaceuticals (LGND) intends to raise $550 million through a private placement of convertible senior notes due 2031, the company said Monday.

The company said it expects to grant initial purchasers a 13-day option to purchase up to an additional $82.5 million of notes.

Ligand said it will use part of the proceeds for hedging transactions and up to $75 million for share buybacks to offset dilution, with the remainder for general corporate purposes, including investing in complementary businesses, companies, products and technologies.

Shares of the company were down 3% in premarket trading.

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