Ligand (LGND) Prices Upsized $625 Million Convertible Senior Notes Offering

Ligand Pharmaceuticals Inc. (LGND) on June 23, 2026, priced its upsized offering of $625 million aggregate principal amount of 2.50% convertible senior notes due 2031. The offering was upsized from the previously announced $550 million. The initial conversion rate is set at 12.0000 shares of common stock per $1,000 principal amount, equating to an initial conversion price of approximately $83.33 per share. This price represents a 25% premium over Ligand's common stock closing price of $66.66 on June 20, 2026. The offering is expected to close on June 26, 2026. Net proceeds will be utilized for general corporate purposes, including working capital and potential acquisitions.