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Ligand Pharmaceuticals plans $650M private debt offering

Ligand Pharmaceuticals Inc. plans to offer $650 million of convertible senior notes in a private offering.

The San Diego biopharmaceutical company and the initial buyers will negotiate the interest rate of the notes, which mature in 2023. Initial buyers also get a 13-day overallotment option for an additional $100 million of notes.

Ligand Pharmaceuticals will use net proceeds to pay the cost of certain convertible note hedge transactions and to repurchase up to $50 million of its common stock. Proceeds may also go toward acquisitions or investments.