Ligand closes $700M zero-coupon convertible notes offering; repurchases shares, hedges dilution

LIGAND PHARMACEUTICALS INC

Closed $700M aggregate principal of 0.00% Convertible Senior Notes due 2031; net proceeds ~$678.2M.
Used ~$72.9M for convertible note hedge (call spread) and ~$60M to repurchase 228,859 shares at $262.17.
Conversion price ~$334.27 (27.5% premium to stock price); notes mature Sept 15, 2031, redeemable after Sept 21, 2029.
Warrants sold at strike $524.34; may dilute stock if price exceeds strike; proceeds partially offset hedge cost.
Remaining net proceeds for general corporate purposes, including potential acquisitions.

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