San Diego – September 28, 2026 -- Viking Therapeutics, Inc. (Nasdaq: VKTX) has closed concurrent upsized public offerings totaling approximately $575.0 million in gross proceeds, funding to accelerate its late-stage obesity drug pipeline.
Viking raises $575 million through combined stock and convertible note sale
The clinical-stage biopharmaceutical company sold 9,035,714 shares of common stock at $35.00 per share, alongside $258.75 million in aggregate principal amount of 2.00% convertible senior notes due 2032. Both tranches were upsized after underwriters fully exercised their options, adding 1,178,571 shares to the equity offering and $33.75 million to the note offering.
Net proceeds of $547.8 million earmarked for Phase 3 obesity program
After underwriting discounts, commissions and offering expenses, Viking estimates net proceeds at approximately $547.8 million. The company said funds will support continued clinical development, advancement and commercialization of its VK2735 program, a dual GLP-1/GIP receptor agonist currently in Phase 3 trials for obesity in both subcutaneous and oral formulations. Proceeds will also fund the VK3019 amylin receptor agonist program, along with general research and development, working capital and corporate purposes.
Major investment banks led the dual offering structure
Morgan Stanley, J.P. Morgan, Jefferies, Leerink Partners and William Blair served as joint book-running managers for the convertible notes offering, with Raymond James joining as an additional book-runner for the common stock sale. Oppenheimer & Co. acted as lead manager for the equity offering, with Canaccord Genuity, H.C. Wainwright & Co., B. Riley Securities, Maxim Group LLC and Laidlaw & Company (U.K.) Ltd. serving as co-managers.
Offerings executed under existing SEC shelf registration
Both transactions were conducted under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission, with separate prospectus supplements governing the stock and note offerings respectively.