Viking Therapeutics Upsizes Capital Raise to $500 Million

Demand for Viking Therapeutics’ pipeline has prompted the San Diego biotech to increase its dual-offering capital raise to $500 million. The company priced 7.86 million shares of common stock at $35.00 each alongside $225 million in convertible senior notes, aiming to accelerate its late-stage obesity and metabolic disease programs.

Corp and Tech·September 24, 2026·reads: 1,885

The offering, which settles September 25, 2026, represents a significant expansion from the company’s initial target of $400 million. Viking granted underwriters a 30-day window to purchase additional shares and notes to cover potential over-allotments. The notes, maturing in 2032 with a 2% annual interest rate, include an initial conversion price of approximately $50.75 per share—a 45% premium over the current equity offering price.

Proceeds from the transaction are earmarked for the clinical advancement of the company’s primary assets, specifically the VK2735 obesity program and the VK3019 candidate. Morgan Stanley, J.P. Morgan, and Jefferies are among the institutions managing the sale. By bolstering its balance sheet, Viking intends to fund ongoing Phase 3 trials and broader research initiatives, providing the necessary runway to navigate its current clinical-stage portfolio in the competitive metabolic health sector.