Clinical-stage biopharmaceutical company Viking Therapeutics announced an underwritten public offering of 17.2 million common shares at a price of USD 14.50 per share, with expected gross proceeds to the company of USD 250 million. This brings the total funds raised to USD 431.5 million. 

The company has also granted a 30-day purchase option on an additional 2.6 million shares to underwriters at the same price. The offering window is expected to close on April 3, 2023.

The company plans to use the net proceeds from this offering for the continued development of its drug candidates, VK2809, VK2735, and VK0214 programs, as well as for research and development, working capital, and general corporate purposes. 

California-based Viking Therapeutics is a clinical-stage biopharmaceutical company that focuses on developing therapies for metabolic and endocrine disorders. The company's primary focus is developing treatments for non-alcoholic steatohepatitis (NASH), a liver disease that is becoming increasingly prevalent worldwide. Viking Therapeutics' lead candidate is VK2809, a small molecule thyroid receptor agonist that is currently in Phase II clinical trials for the treatment of NASH. In addition to VK2809, Viking Therapeutics has a pipeline of other potential treatments for metabolic and endocrine disorders, including VK0214 for X-linked adrenoleukodystrophy (X-ALD) currently in a Phase Ib trial, and VK2735, a novel dual agonist being evaluated in a Phase I trial.