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Viking prices $55M common stock offering

Viking Therapeutics Inc. priced a public offering of 11 million shares at $5 apiece to raise about $55 million in gross proceeds.

The San Diego-based biopharmaceutical company is raising funds to continue development of VK2809 for a rare genetic disease known as Glycogen storage disease type 1a. The company will also use proceeds to advance VK5211 and VK0214.

The offering is expected to close by Feb. 6 with William Blair & Co. LLC acting as sole book-running manager and Maxim Group LLC and Roth Capital Partners acting as co-managers.

The underwriters have an option to purchase up to an additional 1,650,000 shares.

H.C. Wainwright & Co. is acting as a financial adviser to Viking Therapeutics.