---
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"
generated_at: "2026-06-25T21:03:29.696218+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-282990
- JSON: https://secwatch.observer/filing/0001193125-26-282990.json
- Plain text: https://secwatch.observer/filing/0001193125-26-282990.txt

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