--- title: "Viking raises $575 million in stock and convertible notes" url: "https://aibio.space/news/viking-raises-575-million-stock-convertible-notes-after-maintenance/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-09-24" section: "Financings" tickers: "NASDAQ:VKTX" source: "https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes" summary: "Viking sold shares at $35 and 2% notes due 2032 that convert at about $50.75. Both deals were upsized from $200 million each, and full exercise of the unde" --- By the aibio.space Viking desk. Sources - [Viking Therapeutics](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) - [Viking (proposed offerings)](https://ir.vikingtherapeutics.com/2026-09-23-Viking-Therapeutics-Announces-Proposed-Offerings-of-Common-Stock-and-Convertible-Senior-Notes) - [Viking Q2 2026 release](https://ir.vikingtherapeutics.com/2026-07-29-Viking-Therapeutics-Reports-Second-Quarter-2026-Financial-Results-and-Provides-Corporate-Update) [VKTX](https://aibio.space/companies/viking-therapeutics/) 2026-09-24 # Viking raises $575 million in stock and convertible notes after maintenance data Tickers [VKTX](https://aibio.space/companies/viking-therapeutics/) Viking sold shares at $35 and 2% notes due 2032 that convert at about $50.75. Both deals were upsized from $200 million each, and full exercise of the underwriters' options lifted gross proceeds to $575 million. ## Key facts - **Company**: Viking Therapeutics, Inc. (NASDAQ: VKTX) - **News type**: Financings - **Primary source**: [Viking Therapeutics](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) *An empty boardroom with a long table. CC0, via rawpixel. The picture shows the field, not the companies named.* Viking Therapeutics priced [$500 million in stock and convertible notes](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) on September 24, 2026, two days after reporting maintenance data for its obesity drug VK2735. The company sold 7,857,143 shares at $35.00 each and $225.0 million of 2.00% convertible senior notes due 2032. Both deals were upsized. Viking had proposed [$200 million of each](https://ir.vikingtherapeutics.com/2026-09-23-Viking-Therapeutics-Announces-Proposed-Offerings-of-Common-Stock-and-Convertible-Senior-Notes) on September 23. A September 28 announcement said the deals had closed, [including full exercise of the underwriters' options](https://ir.vikingtherapeutics.com/2026-09-28-Viking-Therapeutics-Announces-Closing-of-Concurrent-Upsized-Offerings-of-Common-Stock-and-Convertible-Senior-Notes,-Including-Full-Exercise-of-Underwriters-Options-to-Purchase-Additional-Shares-of-Common-Stock-and-Convertible-Senior-Notes) to purchase more shares and notes. That brought the totals to 9,035,714 shares and $258.75 million of notes, for gross proceeds of about $575.0 million. ## The details The notes pay [2.00% a year](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes), twice a year starting April 15, 2027, and mature on October 15, 2032. They convert at about $50.75 per share, a premium of about 45% over the $35.00 stock price. The initial conversion rate is 19.7044 shares per $1,000 of notes. Viking can choose to settle conversions in cash, shares or both. Viking may redeem the notes for cash from [October 22, 2029](https://ir.vikingtherapeutics.com/2026-09-23-Viking-Therapeutics-Announces-Proposed-Offerings-of-Common-Stock-and-Convertible-Senior-Notes), but only if its shares trade above 130% of the conversion price for a set period. Holders can require Viking to repurchase the notes if the company undergoes a fundamental change, such as a takeover. The underwriters had options for up to 1,178,571 more shares and $33.75 million more in notes. Viking estimated net proceeds of about [$297.0 million from the stock and $250.8 million from the notes](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) if those options were exercised in full. Morgan Stanley and J.P. Morgan were among the joint bookrunners on both deals. Viking [said](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) the money will fund development and commercialization of VK2735, development of the amylin drug VK3019, and general corporate purposes. ## Context Viking had [$502 million in cash and short-term investments](https://ir.vikingtherapeutics.com/2026-07-29-Viking-Therapeutics-Reports-Second-Quarter-2026-Financial-Results-and-Provides-Corporate-Update) at June 30, down from $706 million at the end of 2025. Its net loss in the first half of 2026 was $286.3 million, and R&D spending reached $115.8 million in the second quarter alone, almost double a year earlier. The raise came right after the [maintenance study readout](https://ir.vikingtherapeutics.com/2026-09-22-Viking-Therapeutics-Announces-Positive-Topline-Results-from-Maintenance-Study-of-GLP-1-GIP-Agonist-VK2735-Demonstrating-the-Promise-of-Multiple-Maintenance-Dosing-Regimens) on September 22. In that study, patients who switched from weekly injections to monthly dosing kept 85% of their weight loss over 12 weeks, against 61% on placebo. Weeks later Viking started its [phase 3 SUNRISE program](https://ir.vikingtherapeutics.com/2026-10-14-Viking-Therapeutics-Announces-Initiation-of-VK2735-Oral-Phase-3-Clinical-Program-in-Patients-with-Obesity) for an oral tablet form of VK2735. ## What it means for investors The raise roughly doubles Viking's [June 30 cash](https://ir.vikingtherapeutics.com/2026-07-29-Viking-Therapeutics-Reports-Second-Quarter-2026-Financial-Results-and-Provides-Corporate-Update), using the company's own estimate of net proceeds, at a time when it is paying for two large injectable phase 3 trials and starting two oral ones. That lowers the near-term financing risk ahead of VANQUISH results, for which Viking has not given a date. The costs are dilution and debt. The [share sale](https://ir.vikingtherapeutics.com/2026-09-24-Viking-Therapeutics-Prices-Upsized-500-Million-Offering-of-Common-Stock-and-Convertible-Senior-Notes) added 9,035,714 shares once the underwriters exercised their option in full. The notes add about $259 million of debt that converts into stock only if the share price rises above about $50.75. If it does not, Viking must repay the principal in 2032. The size of the raise suggests management expects heavy spending to continue. ## What to watch Viking expects results from [part 2 of the maintenance study](https://ir.vikingtherapeutics.com/2026-10-06-Viking-Therapeutics-Announces-Initiation-of-VK2735-Oral-Maintenance-Dosing-Clinical-Trial-in-Patients-with-Obesity) in 2027. The company has not given a date for VANQUISH phase 3 data. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story VKTX Viking Therapeutics, Inc. NASDAQ ยท United States Open the desk ## More from the Viking desk Legal ### [Viking and Ligand dispute VK2809 license termination in San Diego court](https://aibio.space/news/viking-ligand-dispute-vk2809-license-termination-san-diego-court/) Oct 29, 2026 Legal ### [Viking's ITC trade secret ruling against Ascletis is on appeal at Federal Circuit](https://aibio.space/news/vikings-itc-trade-secret-ruling-against-ascletis-appeal-federal/) Oct 29, 2026 Debt Financing ### [Viking Therapeutics sells $225,000,000 of 2.00% convertible notes due 2032](https://aibio.space/news/viking-therapeutics-sells-225-000-000-2-00-percent-convertible-notes/) Sep 23, 2026 --- Source page: https://aibio.space/news/viking-raises-575-million-stock-convertible-notes-after-maintenance/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Viking raises $575 million in stock and convertible notes", 2026-09-24, https://aibio.space/news/viking-raises-575-million-stock-convertible-notes-after-maintenance/