Clinical-stage biopharmaceutical company Viking Therapeutics Inc (Nasdaq:VKTX) announced on Monday the closing of its concurrent upsized public offerings of 9,035,714 shares of common stock, at a public offering price of USD35.00 per share, and USD258.75m aggregate principal amount of 2.00% convertible senior notes due 2032, which included the full exercise by the underwriters of the common stock offering of their option to purchase an additional 1,178,571 shares, and the full exercise by the underwriters of the note offering of their option to purchase an additional USD33.75m aggregate principal amount of notes.

Gross proceeds to Viking from the offerings were approximately USD575.0m, 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 USD547.8m, after deducting the underwriting discounts and commissions and Viking's estimated offering expenses. The company intends to use the net proceeds for the continued clinical development, advancement and commercialisation of its VK2735 programme, the continued clinical development and advancement of its VK3019 programme and for other general research and development, working capital and general corporate purposes.