Ligand Files Public Offering

Ligand Pharmaceuticals of the USA has filed a registration statement with the US Securities and Exchange Commission for a public offering of up to 2.75 million shares of its common stock, excluding an over-allotment option of up to 412,500 additional shares.

The firm expects to use the net proceeds from the offering for general corporate purposes, including product research and development programs, preclinical testing and clinical trials, the acquisition and in-licensing of products and complementary technologies, and capital expenditures and working capital.

The US biotechnology sector is currently enjoying more positive sentiment after seeing some offerings collapse earlier in the year, and other deals completing and soaking up the available cash.