SAN DIEGO - Viking Therapeutics, Inc. (NASDAQ: NASDAQ:VKTX), a biopharmaceutical company specializing in metabolic and endocrine disorders, announced today its intention to launch a public offering of its common stock valued at $350 million.
Additionally, the company may offer the underwriters a 30-day option to purchase up to an additional $52.5 million in common stock. The completion and terms of this offering are subject to market conditions, and there is no certainty regarding the finalization or the specifics of the offering.
The proceeds from the offering are earmarked for the advancement of Viking's therapeutic programs, including VK2809, VK2735, and VK0214, as well as for general research and development, working capital, and other corporate expenses. Notably, VK2809 is currently undergoing a Phase 2b study for the treatment of non-alcoholic steatohepatitis (NASH) and fibrosis.
The offering will be conducted under an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on July 26, 2023. Details of the offering will be available in a preliminary prospectus supplement and accompanying prospectus filed with the SEC, accessible on the SEC's website.
Morgan Stanley (NYSE:MS), Leerink Partners, William Blair, Raymond James, Stifel, and Truist Securities are managing the book-running for the offering. Potential investors can obtain copies of the preliminary prospectus supplement and prospectus from Morgan Stanley or Leerink Partners.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities, nor will there be any sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Viking Therapeutics is actively developing treatments for various metabolic disorders, leveraging small molecule therapies licensed from Ligand Pharmaceuticals Incorporated.
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