Viking Therapeutics, a biotech developing treatments for
diabetes and other metabolic and endocrine disorders, announced
terms for its IPO on Tuesday. The San Diego, CA-based company plans
to raise $55 million by offering 5 million shares at a price range
of $10 to $12. At the midpoint of the proposed range, Viking
Therapeutics would command a market value of $167 million.
The company has five drug candidates based on small molecules
licensed from Ligand Pharmaceuticals (
), which intends to purchase $5 million (9%) worth of shares on the
offering. Viking's lead candidate is an oral treatment
entering Phase 2b trials for type 2 diabetes. Its second clinical
program is entering Phase 2 trials for cancer cachexia.
Viking Therapeutics, which was founded in 2012, plans to list on
the NASDAQ under the symbol VKTX. Oppenheimer and Roth Capital are
the joint bookrunners on the deal. It is expected to price during
the week of September 15, 2014.
Diabetes biotech Viking Therapeutics sets terms for
$55 million IPO
originally appeared on IPO investment manager Renaissance Capital's
web site renaissancecapital.com.
The information and opinions expressed herein were prepared by
Renaissance Capital's research analysts and do not constitute an
offer to buy or sell any security. Renaissance Capital, the
Renaissance IPO ETF (symbol: IPO)
Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.