07:55 AM EDT, 08/11/2025 (MT Newswires) -- Ligand Pharmaceuticals ( LGND ) said Monday it intends to offer $400 million of convertible senior notes due 2030 in a private placement.

Initial purchasers are expected to be granted a 13-day option to purchase up to an additional $60 million of notes.

The company said a portion of the proceeds will be used to pay the cost of convertible note hedge transactions. Meanwhile, up to $30 million of the proceeds will be used to repurchase shares from certain purchasers of the notes.

The remaining proceeds will be used for general corporate purposes, including investing in complementary businesses, companies, as well as products and technologies.

Shares of the company fell 1% in recent premarket activity Monday.