Viking Therapeutics, which is developing drugs to speed hip fracture recovery and treat various metabolic disorders, announced terms for its IPO on Friday.
The San Diego, CA-based company plans to raise $20 million by offering 2.5 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Viking Therapeutics would command a market value of $69 million.
Viking Therapeutics previously set terms to raise $55 million in September 2014 by offering 5 million shares at a price range of $10 to $12, targeting a market value of $168 million. Aside from slashing its valuation, Viking has refocused its drug development strategy and replaced its lead underwriter.
Viking Therapeutics, which was founded in 2012, plans to list on the NASDAQ under the symbol VKTX. Laidlaw & Company (UK) is the sole bookrunner on the deal (previously Roth Capital), and Feltl and Company is a co-manager. The company has not set an IPO date.
