Viking Therapeutics, Inc. (NASDAQ: VKTX), a biopharmaceutical leader in metabolic and endocrine disorder treatments, has set the stage for a significant financial stride. They’ve priced an underwritten public offering of 6,471,000 shares of common stock at $85.00 per share, projecting an approximate yield of $550 million before associated fees and expenses.
The anticipated closing date for this transaction is around March 4, 2024. Moreover, the company has extended a 30-day option to underwriters to acquire up to an additional 970,650 shares. Esteemed investment banks like Morgan Stanley, Leerink Partners, and William Blair are spearheading this offering. Viking’s strategic allocation of the net proceeds is earmarked for advancing its robust clinical pipeline, including notable candidates like VK2809, VK2735, and VK0214, as well as fueling broader research and development endeavors, working capital necessities, and sustaining general corporate functions.
Key initiatives in Viking’s portfolio include VK2809, currently undergoing Phase 2b trials for non-alcoholic steatohepatitis (NASH), VK2735 focusing on metabolic disorders, and VK0214 targeting X-linked adrenoleukodystrophy (X-ALD). This pivotal offering follows an automatic shelf registration statement filed with the SEC on July 26, 2023. Interested investors can access the offering’s prospectus and pertinent documents via the SEC’s website or directly through the managing banks.