05:17 AM EDT, 08/12/2025 (MT Newswires) -- Ligand Pharmaceuticals ( LGND ) said Monday it priced $400 million of 0.75% convertible senior notes due 2030 in a private placement, with closing expected Aug. 14.

Initial purchasers have a 13-day option to buy an additional $60 million, the company said.

Net proceeds are expected to be about $386.9 million, or $445.1 million if the option is exercised, with $39.9 million designated for convertible note hedge costs and $15 million for repurchasing 102,034 shares, Ligand said.

The remaining funds will be used for general corporate purposes, including potential acquisitions, the company added.

The company also said the notes are convertible at an initial rate equal to $194.79 per share, a 32.5% premium to the Aug. 11 close.

They mature Oct. 1, 2030, and may be redeemed on or after Oct. 6, 2028, if certain trading price conditions are met, Ligand said.