Ligand Pharmaceuticals Enters into Third Amendment to Credit Agreement

Ligand Pharmaceuticals Incorporated has entered into a Third Amendment to its Credit Agreement with Citibank, N.A., as Administrative Agent, and certain lenders. The amendment extends the maturity date of the credit facility to September 12, 2028 and modifies the minimum consolidated EBITDA covenant. The company is now required to maintain not less than $55 million of consolidated EBITDA for the trailing four-quarter period ending September 30, 2025, and each trailing four-quarter period thereafter. The amendment also includes other customary terms and conditions. This amendment is part of the company's ongoing efforts to manage its financial obligations and ensure compliance with its credit agreements.