{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-282990","form_type":"8-K","ticker":"LGND","cik":"0000886163","company_name":"LIGAND PHARMACEUTICALS INC","filed_at":"2026-06-25T21:00:27+00:00","discovered_at":"2026-06-25T21:02:00.245775+00:00","generated_at":"2026-06-25T21:03:29.696218+00:00","sec_items":["1.01","2.03","3.02","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Ligand closes $700M zero-coupon convertible notes offering; repurchases shares, hedges dilution","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-282990","json":"https://secwatch.observer/filing/0001193125-26-282990.json","markdown":"https://secwatch.observer/filing/0001193125-26-282990.md","text":"https://secwatch.observer/filing/0001193125-26-282990.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/886163/000119312526282990/0001193125-26-282990-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/886163/000119312526282990/d167360d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-25T21:03:29.696218+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}