SAN DIEGO--(BUSINESS WIRE)--Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) (the “Company” or “Ligand”) today announced that, in connection with the previously announced redemption of its 6% convertible subordinated notes due November 2007, holders of all of the outstanding notes converted their notes into shares of Ligand common stock prior to the November 29, 2006 redemption date. The aggregate outstanding principal amount of the notes at the time of redemption notice was $128.15 million. As a result of these conversions, 20,759,071 shares of common stock were issued to the noteholders following the redemption notice. Prior to the notice, another $27.1 million of principal amount of the notes had already converted into 4,389,934 common shares. None of the 6% convertible subordinated notes due November 2007 remain outstanding.
