SAN
DIEGO, Feb. 28, 2024 /PRNewswire/ -- Viking
Therapeutics, Inc. ("Viking") (Nasdaq: VKTX), a clinical-stage
biopharmaceutical company focused on the development of novel
therapies for metabolic and endocrine disorders, today announced
the pricing of its underwritten public offering of 6,471,000
shares of its common stock at a price to the public of $85.00 per share. The gross proceeds from the
offering, before deducting underwriting discounts and commissions
and offering expenses, are expected to be approximately
$550.0 million. Viking has also
granted the underwriters a 30-day option to purchase up to 970,650
additional shares of its common stock. All of the shares of common
stock in the offering are to be sold by Viking. The offering is
expected to close on or about March 4,
2024, subject to the satisfaction of customary closing
conditions.
Morgan Stanley, Leerink Partners, William Blair, Raymond
James, Stifel and Truist Securities are acting as joint
book-running managers for the offering. Oppenheimer & Co.
is acting as lead manager for the offering. BTIG, H.C. Wainwright
& Co., Maxim Group LLC and Laidlaw & Company (U.K.) Ltd.
are acting as co-managers for the offering.
Viking currently intends to use the net proceeds
from the offering for continued development of its VK2809, VK2735
and VK0214 programs and for general research and development,
working capital and general corporate purposes.
The public offering is being made pursuant to an
automatic shelf registration statement on Form S-3 (File No.
333-273460), previously filed with the Securities and Exchange
Commission (the "SEC") on July 26,
2023, and which automatically became effective upon filing.
The securities may be offered only by means of a prospectus and
prospectus supplement that form a part of the registration
statement. A preliminary prospectus supplement and the accompanying
prospectus relating to and describing the terms of the offering
have been filed with the SEC and are available on the SEC's website
at www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus, and when available, copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may also be obtained by contacting Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY
10014, or by email at prospectus@morganstanley.com; or Leerink
Partners LLC, Attention: Syndicate Department, 53 State Street,
40th Floor, Boston,
Massachusetts 02109, by telephone at (800) 808-7525, ext.
6105, or by email at syndicate@leerink.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of, these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage
biopharmaceutical company focused on the development of novel
first-in-class or best-in-class therapies for the treatment of
metabolic and endocrine disorders, with three compounds currently
in clinical trials. Viking's research and development
activities leverage its expertise in metabolism to develop
innovative therapeutics designed to improve patients'
lives. Viking's clinical programs include VK2809, a novel,
orally available, small molecule selective thyroid hormone receptor
beta agonist for the treatment of lipid and metabolic disorders,
which is currently being evaluated in a Phase 2b study
for the treatment of biopsy-confirmed non-alcoholic steatohepatitis
(NASH) and fibrosis. In a Phase 2a trial for the treatment of
non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C,
patients who received VK2809 demonstrated statistically significant
reductions in LDL-C and liver fat content compared with patients
who received placebo. Viking is also developing VK2735, a
novel dual agonist of the glucagon-like peptide 1 (GLP-1) and
glucose-dependent insulinotropic polypeptide (GIP) receptors for
the potential treatment of various metabolic disorders. Data from a
Phase 1 and a Phase 2a trial evaluating VK2735 (dosed
subcutaneously) for metabolic disorders demonstrated an encouraging
safety and tolerability profile as well as positive signs of
clinical benefit. The company is also evaluating an oral
formulation of VK2735 in a Phase 1 trial. In the rare disease
space, Viking is developing VK0214, a novel, orally available,
small molecule selective thyroid hormone receptor beta agonist for
the potential treatment of X-linked adrenoleukodystrophy
(X-ALD). VK0214 is currently being evaluated in a
Phase 1b clinical trial in patients with the
adrenomyeloneuropathy (AMN) form of X-ALD. Viking holds exclusive
worldwide rights to a portfolio of five therapeutic programs,
including VK2809 and VK0214, which are based on small molecules
licensed from Ligand Pharmaceuticals Incorporated.
Forward-Looking Statements
This press release contains forward-looking
statements under the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, including statements
regarding Viking's expectations on the timing and completion of
the offering and the anticipated use of proceeds therefrom.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially and adversely
and reported results should not be considered as an indication of
future performance. These risks and uncertainties include, but are
not limited to: risks and uncertainties associated with market and
other conditions and the satisfaction of customary closing
conditions related to the proposed public offering and other risks
that are described in Viking's most recent periodic reports filed
with the Securities and Exchange Commission, including Viking's
Annual Report on Form 10-K for the year ended December 31, 2023, including the risk factors set
forth in those filings. These forward-looking statements speak only
as of the date hereof. Viking disclaims any obligation to update
these forward-looking statements, except as required by applicable
law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/viking-therapeutics-announces-pricing-of-550-million-public-offering-of-common-stock-302074989.html
SOURCE Viking Therapeutics, Inc.