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Ligand Pharmaceuticals Inc. (LGND) Prices Offering Of $225 Million Of Convertible Senior Notes



8/13/2014 8:01:46 AM

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SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced the August 12, 2014 pricing of $225 million aggregate principal amount of 0.75% convertible senior notes due 2019 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Ligand intends to use the net proceeds from the offering for corporate share repurchases, payment for certain note hedge transactions described below and general corporate purposes. Concurrent with the close of the transaction, Ligand expects to repurchase approximately $40 million of stock, or approximately 700,000 shares. Ligand has granted the initial purchasers an option to purchase up to an additional $20 million aggregate principal amount of the notes. BofA Merrill Lynch and Deutsche Bank Securities are acting as joint book-running managers for the offering.

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