secwatch.observer — SEC 8-K summary
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Issuer:     LIGAND PHARMACEUTICALS INC (LGND)
CIK:        0000886163
Form:       8-K
Filed at:   2026-06-25T21:00:27+00:00
Accession:  0001193125-26-282990
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886163/000119312526282990/0001193125-26-282990-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886163/000119312526282990/d167360d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-282990

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