Ligand Pharmaceuticals Inc. /zigman2/quotes/202030140/composite LGND -2.47% disclosed Thursday that a new program to repurchase up to $500 million worth of stock over the next three years was approved by the company's board. Based on Wednesday's stock closing price of $91.80, the biopharmaceutical company could buy back up to 5.45 million shares, or 28.6% of the shares outstanding as of Aug. 7. The company said its previous $350 million stock repurchase program was terminated after it had bought back 2.97 million shares for about $350 million. Separately, Ligand disclosed that it had entered into a commercial platform license agreement with Hong Kong-based Kira Pharmaceuticals, which is focused on treatments for immunological diseases and cancer immunotherapy, in which Kira will be able to use OmniAb platform rodents and birds to discover fully human mono- and bispecific antibodies. Ligand will be eligible to receive milestone payments and tiered royalties for each product delivering an OmniAb antibody. The stock, which was still inactive in premarket trading, has slumped 32.4% year to date while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.97% has gained 19.7%.