Viking Therapeutics prices $500M stock and convertible notes offering

Viking Therapeutics, Inc. (Nasdaq: VKTX) priced two concurrent public offerings totaling approximately $500 million, the company announced Sept. 24, 2026.

The clinical-stage biopharmaceutical company priced 7,857,143 shares of common stock at $35.00 per share, and $225.0 million in aggregate principal amount of 2.00% convertible senior notes due 2032. Both offerings were increased from an initially announced size of $200.0 million each. Settlement is scheduled for Sept. 25, 2026, subject to customary closing conditions.

Underwriters were granted a 30-day option to purchase up to an additional 1,178,571 shares of common stock and up to an additional $33.75 million in notes to cover over-allotments. If fully exercised, net proceeds from the stock offering would reach approximately $297.0 million, and net proceeds from the note offering would reach approximately $250.8 million.

The notes carry an interest rate of 2.00% per annum, payable semi-annually, and mature on Oct. 15, 2032. The initial conversion rate is 19.7044 shares per $1,000 principal amount, representing a conversion price of approximately $50.75 per share, a 45% premium over the common stock offering price.

Viking stated it intends to use the proceeds for the continued clinical development of its VK2735 program, its VK3019 program, and for general research, working capital, and corporate purposes. VK2735 is currently in Phase 3 clinical studies for obesity.

Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners, and William Blair are acting as joint book-running managers for the note offering. Raymond James is an additional joint book-running manager for the stock offering.

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