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Ligand Pharmaceuticals Sued for $3.8 Billion Over Bond Terms (1)

July 31, 2018, 1:46 PM

Some Ligand Pharmaceuticals Inc. investors accused the biotech company of unfairly changing the terms of a bond agreement to deny them more than $3.8 billion in payouts.

Eight bond funds that invested in Ligand’s $245 million issuance of 0.75 percent convertible senior notes in 2014 sued the San Diego-based biotech company claiming it changed the trigger for converting the bonds without telling investors.

“The purported amendment would materially and adversely impair the conversion rights of the holders and was not consented to by the holders,’’ the funds, including Citadel Equity Fund and Polygon Convertible Opportunity Master Fund, said in the...

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