Ligand arranges $24 million at-the-market offering of common stock

MLV, Meyers Associates are agents for deal, which takes effect Oct. 21

By Devika Patel

Knoxville, Tenn., Oct. 16 - Ligand Pharmaceuticals Inc. negotiated a $24 million at-the-market equity sales agreement with agents MLV & Co. LLC and Meyers Associates on Oct. 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The agreement will take effect on Oct. 21, the date the company's $30 million at-the-market equity sales agreement with Cantor Fitzgerald & Co. will be terminated. The Cantor agreement was negotiated on March 26, 2012.

The agents will be paid a 2% commission.

Ligand is a La Jolla, Calif.-based biotechnology company.

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