Viking gains after pricing IPO
Metabolic and endocrine company Viking Therapeutics Inc. (NASDAQ:VKTX) gained $0.96 (12%) to $8.96 in its first day of trading after it raised $24 million through the sale of 3 million shares at $8 in an IPO underwritten by Laidlaw and Feltl. The IPO valued Viking at $73.2 million. The company proposed last July to raise up to $57.5 million. It said last week it hoped to sell 2.5 million shares at $7-$9. At $8, it would have raised $20 million and been valued at $69.2 million.
In May 2014, Viking licensed five therapeutic programs from Ligand Pharmaceuticals Inc. (NASDAQ:LGND). Viking intends to start a Phase II trial in 2H15 of VK5211, a non-steroidal selective androgen receptor modulator (SARM), for acute rehabilitation following non-elective hip fracture surgery (see BioCentury Extra, May 22, 2014). ...