San Diego – September 24, 2026 -- Viking Therapeutics plans to raise $400 million through simultaneous public offerings of $200 million in common stock and $200 million in convertible senior notes due 2032, with proceeds earmarked for its obesity drug pipeline.
Viking structures two independent capital raises with built-in flexibility
The biopharmaceutical company intends to grant underwriters a 30-day option to purchase an additional $30 million in common stock and a separate 30-day option for up to $30 million more in notes to cover over-allotments. Completion of one offering is not contingent on the other, giving Viking flexibility if market conditions shift. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as joint book-running managers for both transactions.
Convertible notes carry a 2032 maturity and conversion-triggered redemption terms
The notes will be senior, unsecured obligations maturing October 15, 2032, with interest paid semi-annually. Viking can redeem the notes for cash starting October 22, 2029, but only if its common stock trades above 130% of the conversion price for a specified period. The company retains the option to settle conversions in cash, stock, or a combination of both.
Proceeds target VK2735 and VK3019 clinical advancement
Viking will direct net proceeds from both offerings toward continued clinical development of VK2735, its dual GLP-1/GIP receptor agonist currently in Phase 3 trials for obesity, and VK3019, an amylin receptor agonist. Remaining funds will support general research and development, working capital, and corporate purposes.
The offerings are being conducted under an effective shelf registration statement filed with the SEC, with preliminary prospectus supplements available through the agency's website.