Viking Therapeutics sets $550 million stock offering price

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Viking Therapeutics sets $550 million stock offering price
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SAN DIEGO - Viking Therapeutics, Inc. ( NASDAQ : NASDAQ: VKTX ), a biopharmaceutical company specializing in metabolic and endocrine disorders, has priced an underwritten public offering of 6,471,000 shares of common stock at $85.00 each. The transaction is expected to yield approximately $550 million before fees and expenses, with a closing date anticipated around March 4, 2024.

The company has also provided underwriters a 30-day option to acquire up to an additional 970,650 shares. Investment banks Morgan Stanley, Leerink Partners, and William Blair, among others, are managing the offering. Viking aims to allocate the net proceeds toward advancing its clinical programs, including VK2809, VK2735, and VK0214, as well as for broader research and development, working capital, and general corporate functions.

Viking's ongoing projects include VK2809, a treatment for lipid disorders currently in a Phase 2b trial for non-alcoholic steatohepatitis (NASH), and VK2735, in trials for metabolic disorders. Additionally, VK0214 is being tested for X-linked adrenoleukodystrophy (X-ALD).

The offering follows an automatic shelf registration statement filed with the SEC on July 26, 2023. Prospective investors can access the offering's prospectus and related documents through the SEC's website or directly from the managing banks.

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