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 (NASDAQ: LGND), 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.
