Ligand Pharmaceuticals in Convertible Note Offering and Related Hedge and Warrant Transactions

August 18, 2014

Cleary Gottlieb acted as counsel to the initial purchasers, led by BofA Merrill Lynch and Deutsche Bank Securities, in Ligand Pharmaceuticals Incorporated’s Rule 144A offering of $245 million principal amount of its 0.75% Convertible Senior Notes due 2019. Cleary also represented affiliates of certain initial purchasers as counterparties to Ligand in convertible note hedge and warrant transactions. The offering (including exercise in full of the initial purchasers’ option to purchase additional notes) closed on August 18, 2014.

Ligand is a biopharmaceutical company that develops and acquires assets it believes will generate royalty revenues. Ligand has a diverse asset portfolio addressing a broad spectrum of diseases including thrombocytopenia, multiple myeloma, diabetes, hepatitis, muscle wasting, dyslipidemia, anemia and osteoporosis.