Goodwin's Capital Markets team advised the initial purchasers on Ligand's Rule 144A offering of 0.75% convertible senior notes due 2030. The initial conversion price of the notes feature a premium of approximately 32.5% up from the reference price of $147.01 per share. In connection with the offering, Ligand and certain investment bank dealers entered into bond hedge and warrant transactions. The bond hedge and warrant transactions mitigate equity dilution and/or offset payments due upon conversion of the notes and effectively raise the conversion price of the notes to $294.02 per share, a 100.0% premium over the reference price. Goodwin advised the investment bank dealers on the bond hedge and warrant transactions. In addition, Ligand used approximately $15.0 million of the net proceeds from the offering to repurchase shares of Ligand's common stock.
Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines
Goodwin's product team consisted of Jim Barri, John Servidio, Kim De Glossop, Jon Burr, Benjamin Drai, Benjamin Colao, Jason Wu, and Christian Fan. The corporate team consisted of Sam Zucker, Deepa Rich, Adam Johnson, MacLane Winsor Taggart, Gaby Boria, and Sofia Wyman. Dan Karelitz and Garrett Gaughan provided tax advice.
For more information, please see Ligand's pricing press release for the offering.