Ligand Pharma eases from record on $550 mln convertible debt deal
BUZZ-Ligand Pharma eases from record on $550 mln convertible debt deal ** Ligand Pharmaceuticals' LGND.O shares down 1.8% to $270.01 premarket on Mon after planned capital raise news
** Biopharmaceutical royalty aggregator announces private offering of $550 mln convertible bonds (CBs) due Sept 15, 2031
** Co intends to use net offering proceeds for general purposes, including investing in complementary businesses, companies, products and technologies
** It also intends to use up to $75 mln of proceeds to repurchase its shares to facilitate hedging by investors in the CBs
** LGND stock ended 4.5% at record high close of $274.88 on Thurs, up 45% YTD
** Jupiter, Florida-based LGND has $5.5 bln market cap
** All 7 analysts covering the stock rate it "strong buy" or "buy"; median PT $275, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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