SAN
DIEGO, March 4, 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 closing of its previously announced underwritten public
offering of 7,441,650 shares of its common stock at a price to the
public of $85.00 per share, which
included the exercise in full by the underwriters of their option
to purchase up to 970,650 additional shares of common stock.
The gross proceeds to Viking from this offering were approximately
$632.5 million, before deducting
underwriting discounts and commissions and offering expenses.
Morgan Stanley, Leerink Partners, William Blair, Raymond
James, Stifel and Truist Securities acted as joint
book-running managers for the offering. Oppenheimer & Co.
acted as lead manager for the offering. BTIG, H.C. Wainwright
& Co., Maxim Group LLC and Laidlaw & Company (U.K.) Ltd.
acted 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 securities described above were offered by Viking 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. A final prospectus supplement and the accompanying
prospectus relating to and describing the terms of the offering was
filed with the SEC on March 1, 2024
and is available on the SEC's website at www.sec.gov. 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 the anticipated use of proceeds from the offering.
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 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.
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SOURCE Viking Therapeutics, Inc.