Ligand rises after offering $400 million convertible bonds

** Shares of Ligand Pharmaceuticals LGND.O, which invests in commercial and late-stage drug assets, rise 1% to $148.50 premarket

** LGND late Monday announced pricing of $400 million of convertible bonds due 2030

** Stock closed down 2% at $147.01 on Monday after LGND unveiled the offering

** Initial conversion price of $194.79 apiece represents roughly 32.5% premium over the last reported sale price

** Portion of proceeds will be used to pay for convertible bond hedge transactions and to repurchase shares from certain bond purchases

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

** All seven brokerages covering the stock rate it "buy" or higher; median PT $162 - data compiled by LSEG

** As of last close, LGND stock up 37.2% YTD