Ligand Pharmaceuticals falls on planned $400 million convertible bonds offering

** Shares of Ligand Pharmaceuticals LGND.O, which invests in commercial and late-stage drug assets, fall 4.4% to $143.45 in early trading

** LGND announces $400 million offering of convertible bonds due 2030 in a private placement

** Co plans to use a portion of proceeds to pay for convertible bond hedge transactions and up to $30 million to repurchase shares from certain bond purchases

** Remaining proceeds may be used for general purposes, including investing in complementary businesses and products

** LGND has 19.6 million outstanding shares for nearly $3 billion market cap

** All seven brokerages covering the stock rate "buy" or higher; median PT $158.50 - data compiled by LSEG

** As of last close, LGND stock up 40% YTD