Viking Therapeutics raises $500M in upsized stock and notes offering
What's the deal? Viking Therapeutics has priced $500 million in concurrent public offerings, splitting the raise between 7,857,143 common shares at $35.00 each and $225 million in convertible senior notes due 2032. The San Diego clinical-stage biopharmaceutical company develops therapies for metabolic and endocrine disorders.
The details: Both offerings were upsized from an initially announced $200 million each. The notes carry a 2.00% annual interest rate and convert at roughly $50.75 per share — a 45% premium over the stock offering price.
Who's involved? Morgan Stanley, J.P. Morgan, Jefferies, Leerink PartnersDealroom has a profile for this one. Try Dealroom →, and William Blair are joint book-running managers, with Raymond James joining on the equity leg. Oppenheimer & Co.Dealroom has a profile for this one. Try Dealroom → is lead manager; Canaccord GenuityDealroom has a profile for this one. Try Dealroom →, H.C. Wainwright & Co.Dealroom has a profile for this one. Try Dealroom →, B. Riley Securities, Maxim GroupDealroom has a profile for this one. Try Dealroom →, and Laidlaw & CompanyDealroom has a profile for this one. Try Dealroom → are co-managers.
Why now? Underwriters hold 30-day options to buy up to 1,178,571 additional shares and $33.75 million more in notes to cover over-allotments. The offerings, which settle September 25, 2026, are not contingent on each other.
The signal: At $500 million, this ranks among the largest post-IPO equity raises in US healthcare, sitting in the 97th percentile of nearly 3,834 comparable deals. The upsizing points to strong investor demand for metabolic-disease developers as the market for obesity and endocrine therapies continues to draw capital.
Image credit: Viking Therapeutics
