Viking Therapeutics announced the closing of concurrent public offerings of common stock and convertible senior notes, raising combined net proceeds of approximately $547.8 million. The funds are intended for the continued clinical development and commercialization of its key drug programs.
Key Details
- Equity Offering: The company raised approximately $297.0 million in net proceeds by selling 9,035,714 shares of common stock at $35.00 per share. This includes the full exercise of the underwriters' option to purchase additional shares.
- Debt Offering: The company raised approximately $250.8 million in net proceeds from the issuance of $258.75 million in aggregate principal amount of 2.00% Convertible Senior Notes due 2032. This also includes the full exercise of the underwriters' option.
- Note Terms: The notes have an initial conversion price of approximately $50.75 per share and will mature on October 15, 2032.
- Use of Proceeds: Funds will be allocated to advance the VK2735 and VK3019 clinical programs, as well as for general research and development, working capital, and other corporate purposes.