Ligand raises $650M notes offering

Ligand Pharmaceuticals Inc. (NASDAQ:LGND) raised $650 million Friday through the sale of 0.75% convertible senior notes due 2023. The notes initially convert at about $248.48, a 29% premium to the company’s close of $193.19 on May 16, when Ligand proposed the offering after market hours.

The company plans to use the bulk of the funds -- about $557 million -- for corporate purposes, including R&D expenses and potential M&A. The remaining funds will be dedicated to share repurchases and note hedge transactions...