SAN DIEGO, Feb. 27, 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
that it has commenced an underwritten public offering of
$350.0 million of shares of its
common stock. Viking also intends to grant the underwriters a
30-day option to purchase up to an additional $52.5 million of shares of its common stock. All
of the shares of common stock to be sold in the proposed offering
are to be sold by Viking. The proposed offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the proposed offering may be completed, or as to
the actual size or terms of the proposed offering.
Morgan Stanley, Leerink Partners, William Blair, Raymond
James, Stifel and Truist Securities are acting as joint
book-running managers for the proposed offering.
Viking currently intends to use the net proceeds from the
proposed offering for continued development of its VK2809, VK2735
and VK0214 programs and for general research and development,
working capital and general corporate purposes.
The proposed offering is being made 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. The securities may be
offered only by means of a prospectus and prospectus supplement
that form a part of the registration statement. A preliminary
prospectus supplement and the accompanying prospectus relating to
and describing the terms of the proposed offering will be filed
with the SEC and will be available on the SEC's website at
www.sec.gov. When available, copies of the preliminary prospectus
supplement and the accompanying prospectus relating to the proposed
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
Viking's expectations on the timing, size and completion of the
proposed offering, Viking's intention to grant the underwriters a
30-day option to purchase additional shares, and the anticipated
use of proceeds therefrom. 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 include, but are not limited to: risks and
uncertainties associated with market and other conditions and the
satisfaction of customary closing conditions related to the
proposed public offering and other risks that 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.