Ligand Pharmaceuticals Inc. Announces Proposed Offering Of $225 Million Of Convertible Senior Notes And Announces $200 Million Share Repurchase Program

SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced today that it intends to offer, subject to market conditions and other factors, $225 million aggregate principal amount of convertible senior notes due 2019 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and that its Board of Directors has authorized a $200 million share repurchase program over the next 12 months. In connection with the offering of the notes, Ligand expects to grant the initial purchasers a 13-day option to purchase up to an additional $20 million aggregate principal amount of the notes, solely to cover overallotments, if any.

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