San Diego-based Viking Therapeutics (Nasdaq: VKTX) priced a concurrent public offering of common stock and convertible senior notes totalling USD 500 million in gross proceeds, upsized from an initially proposed USD 400 million, to fund the continued development and commercialization of its dual GLP-1/GIP receptor agonist VK2735 and its dual amylin and calcitonin receptor agonist (DACRA) VK3019, as well as other general research and development, working capital and general corporate purposes.
The offering comprises USD 275 million of common stock priced at USD 35.00 per share and USD 225 million of 2.00% convertible senior notes due in 2032. The notes carry an initial conversion price of approximately USD 50.75 per share, a 45% premium to the equity offering price. Underwriters also have options to purchase additional shares and notes, which could increase the total deal size to approximately USD 575 million.
Proceeds are directed primarily toward the continued clinical development, advancement, and commercialization of VK2735 and the Phase I advancement of VK3019. The subcutaneous formulation of VK2735 is being evaluated in the Phase III VANQUISH-1 and VANQUISH-2 trials, both of which are fully enrolled, while Viking has said it expects to initiate Phase III development of the oral formulation in Q4 2026. The oral candidate previously produced up to approximately 12% mean weight loss at 13 weeks in the Phase II VENTURE oral dosing study.