Viking Therapeutics Announces Closing of Concurrent Upsized Offerings of Common Stock and Convertible Senior Notes, Including Full Exercise of Underwriters' Options to Purchase Additional Shares of Common Stock and Convertible Senior Notes

The financing adds new shares and notes due 2032 while providing funds Viking intends to use for its development programs.

Rhea-AI Summary

Viking Therapeutics (VKTX) closed concurrent upsized stock and convertible-note offerings, generating approximately $575.0 million in gross proceeds. The offerings comprised 9,035,714 common shares at $35.00 each and $258.75 million in 2.00% convertible senior notes due 2032. Those amounts include the underwriters’ full exercise of options to purchase 1,178,571 additional shares and $33.75 million in additional note principal.

Viking estimates net proceeds of approximately $547.8 million after underwriting discounts, commissions and estimated offering expenses. The company intends to use the proceeds for its VK2735 and VK3019 programs, other research and development, working capital and general corporate purposes.

Positive

• Approximately $575.0 million in gross proceeds; Viking estimates approximately $547.8 million in net proceeds.
• Underwriters’ options were fully exercised for 1,178,571 additional shares and $33.75 million in additional note principal.
• Net proceeds are intended partly for continued development of VK2735 and VK3019.

Negative

• 9,035,714 new common shares sold at $35.00 each dilute existing holders.
• $258.75 million in 2.00% convertible senior notes adds debt due 2032 and potential share dilution.
• Underwriting discounts, commissions and estimated offering expenses reduce proceeds below the gross amount.

News Explained

The common-stock offering is closed, and its 9,035,714 newly issued shares increase the share count, reducing existing holders’ percentage ownership absent offsetting changes.

Market Context

The $500 million financing priced Sept. 24 was the transaction later reported as closed here; its ea...

Analysis

The $500 million financing priced Sept. 24 was the transaction later reported as closed here; its earlier record established the base stock-and-note terms, while this announcement documents completion after option exercise.

Key Figures

Gross proceeds: Approximately $575.0 million Net proceeds: Approximately $547.8 million Common shares offered: 9,035,714 shares +5 more

Gross proceeds

Approximately $575.0 million

Before underwriting discounts, commissions and offering expenses

Net proceeds

Approximately $547.8 million

After underwriting discounts, commissions and estimated offering expenses

Common shares offered

9,035,714 shares

Concurrent public offering

Common stock offering price

$35.00 per share

Public offering price

Convertible notes principal

$258.75 million

2.00% convertible senior notes due 2032

Additional common shares

1,178,571 shares

Underwriters fully exercised the option to purchase additional shares

Additional notes principal

$33.75 million

Underwriters fully exercised the note offering option

Notes interest rate

2.00%

Convertible senior notes due 2032

Previous Offering Reports

2 past events · Latest: Sep 24

Same Type 2 events

1. Sep 24

   Offering priced

   24h Move

   -11.8%

   Upsized concurrent stock and note offerings priced at $35.00 per share and $225 million principal.

2. Sep 23

   Offering proposed

   24h Move

   -11.8%

   Initial separate stock and note offerings proposed, with underwriter options and proceeds for development.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, shelf registration statement, prospectus supplement

3 terms

convertible senior notes financial

"$258.75 million aggregate principal amount of 2.00% convertible senior notes"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

shelf registration statement regulatory

"made pursuant to an effective shelf registration statement on file with the SEC"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"by means of a prospectus supplement relating to that offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Gross Proceeds to Viking Approximately $575 Million

SAN DIEGO, Sept. 28, 2026 /PRNewswire/ -- Viking Therapeutics, Inc. (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 concurrent upsized public offerings of 9,035,714 shares of common stock, at a public offering price of $35.00 per share, and $258.75 million aggregate principal amount of 2.00% convertible senior notes due 2032 (the "notes"), which included the full exercise by the underwriters of the common stock offering of their option to purchase an additional 1,178,571 shares of common stock, and the full exercise by the underwriters of the note offering of their option to purchase an additional $33.75 million aggregate principal amount of notes. The gross proceeds to Viking from the offerings were approximately $575.0 million, before deducting underwriting discounts and commissions and offerings expenses.

Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners and William Blair acted as joint book-running managers for the note offering. Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners, William Blair and Raymond James acted as joint book-running managers for the common stock offering. Oppenheimer & Co. acted as lead manager and Canaccord Genuity, H.C. Wainwright & Co., B. Riley Securities, Maxim Group LLC and Laidlaw & Company (U.K.) Ltd. acted as co-managers for the common stock offering.

Viking estimates that the aggregate net proceeds from the offerings were approximately $547.8 million, after deducting the underwriting discounts and commissions and Viking's estimated offering expenses. Viking intends to use the net proceeds from the offerings for the continued clinical development, advancement and commercialization of its VK2735 program, the continued clinical development and advancement of its VK3019 program and for other general research and development, working capital and general corporate purposes.

The offerings were made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC"). Each offering was made only by means of a prospectus supplement relating to that offering and an accompanying prospectus. An electronic copy of the final prospectus supplement for each offering, together with the accompanying prospectus, is available on the SEC's website at www.sec.gov. Alternatively, copies of these documents can be obtained by contacting: Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Viking Therapeutics, Inc.

Viking Therapeutics, Inc. is a clinical-stage biotechnology company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, along with maintenance dosing strategies designed to support long-term weight management. Viking is also advancing additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).

Forward-Looking Statements

This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about the expected amount and intended use of the net proceeds. Forward-looking statements represent Viking's current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are risks described under the caption "Risk Factors" in the final prospectus supplements for the offerings and risks relating to Viking's business, including those 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, 2025, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. The forward-looking statements included in this press release speak only as of the date of this press release, and Viking does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

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SOURCE Viking Therapeutics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Viking Therapeutics raise from its concurrent offerings?

Viking received approximately $575.0 million in gross proceeds. It estimates net proceeds of approximately $547.8 million after underwriting discounts, commissions and estimated offering expenses.

What shares and notes were included in Viking Therapeutics’ offerings?

The offerings comprised 9,035,714 common shares at $35.00 per share and $258.75 million in 2.00% convertible senior notes due 2032. Those amounts include the underwriters’ full exercise of options to purchase 1,178,571 additional shares and $33.75 million in additional note principal.