Joint Bookrunner on Ligand Pharmaceuticals’ Convertible Senior Notes Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Ligand Pharmaceuticals’ $460.0MM Convertible Senior Notes Offering

Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) announced today that it completed its previously announced offering of 0.75% convertible senior notes due 2030. The aggregate principal amount of the notes sold in the offering was $460.0 million, which includes the purchase of an additional $60.0 million aggregate principal amount of notes by the initial purchasers pursuant to the full exercise of the initial purchasers’ option to purchase additional notes.

The net proceeds from the offering were approximately $445.1 million, after deducting fees and expenses. Ligand used approximately $45.9 million of the net proceeds from the offering to pay the cost of the convertible note hedge transactions and additional convertible note hedge transactions. In addition, Ligand used approximately $15.0 million of the net proceeds from the offering to repurchase 102,034 shares of Ligand’s common stock at a price of $147.01 per share, which is equal to the last reported price per share of Ligand’s common stock as of the date of pricing of the notes, in privately negotiated transactions effected through one of the initial purchasers. Ligand expects to use the remaining net proceeds from the offering for general corporate purposes.

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Convertible Securities Advisory