Flash FinanceUS
Pre-market S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Ligand Pharmaceuticals (LGND)

Ligand Closes $700 Million Convertible Senior Notes Offering Due 2031

Neutral Impact 4 of 5 financing Written later

Ligand completed a private offering of $700.0 million of 0.00% convertible senior notes due September 15, 2031, including the full exercise of a $75.0 million option for additional notes. Net proceeds were approximately $678.2 million, with about $72.9 million used for convertible note hedge transactions and about $60.0 million used to repurchase 228,859 shares of common stock at $262.17 per share. The company said remaining proceeds will be used for general corporate purposes, including the previously announced acquisition of XOMA Royalty Corporation, and the notes add $700.0 million of senior unsecured debt.

Key points

  • $700.0 million principal of 0.00% convertible senior notes due September 15, 2031, closed June 25, 2026
  • Initial conversion price of about $334.27 per share, a premium of about 27.5% to the June 22, 2026 closing price
  • Net proceeds of about $678.2 million; about $72.9 million for note hedges and about $60.0 million to repurchase 228,859 shares at $262.17
  • Company may not redeem the notes before September 21, 2029

The filing

CompanyLigand Pharmaceuticals (LGND)
Form8-K, current report
Filed with the SECJun 25, 2026, 5:00 PM ET
Accession number0001193125-26-282990

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 25, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.