Ligand Closes Upsized $700M Convertible Notes Offering, Repurchases Shares
LGND has more than doubled off its 52-week low of $111.715 on elevated volume (2.5× avg).
Summary
Ligand Pharmaceuticals has closed its convertible senior notes offering, raising $700 million, which was upsized from the previously priced $625 million. This follows the initial announcement and pricing of the offering earlier this week. The company received approximately $678.2 million in net proceeds, using $60 million to repurchase 228,859 shares at $262.17 and entering into hedge transactions to reduce potential dilution. The remaining funds are earmarked for general corporate purposes, including potential future investments, providing significant financial flexibility.
At the time of this announcement, LGND was trading at $295.92 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $111.72 to $300.12. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.