---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-177452"
form_type: "8-K"
ticker: "LGND"
cik: "0000886163"
company_name: "LIGAND PHARMACEUTICALS INC"
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:58:48.652961+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Ligand proposes $400M convertible notes due 2030; up to $60M greenshoe

## Summary
- Offering $400M aggregate principal amount of convertible senior notes due Oct 1, 2030 to QIBs.
- Initial purchasers have 13-day option to buy up to an additional $60M of notes.
- Up to $30M of net proceeds used to repurchase common stock from note purchasers.
- Remaining net proceeds for general corporate purposes, including potential acquisitions.
- Convertible note hedge and warrant transactions entered to manage dilution and offset cash payments.

## SEC filing metadata
- accession: 0001193125-25-177452
- form_type: 8-K
- ticker: LGND
- cik: 0000886163
- company_name: LIGAND PHARMACEUTICALS INC
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886163/000119312525177452/0001193125-25-177452-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886163/000119312525177452/d434030d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-177452
- JSON: https://secwatch.observer/filing/0001193125-25-177452.json
- Plain text: https://secwatch.observer/filing/0001193125-25-177452.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.