Viking Therapeutics (NASDAQ: VKTX) said its shares are expected to begin trading today, after the San Diego biopharmaceutical raised $24 million in its initial public offering last night by selling 3 million shares at $8 a share. The price fell within the $7 to $9 range set last week, when Viking expected to raise $20 million by offering 2.5 million shares.
Viking was founded in 2012 to develop treatments for diabetes and other metabolic and endocrine disorders, with five drug candidates based on small molecules licensed from Ligand Pharmaceuticals. Its lead drug was an oral treatment in mid-stage trials for Type 2 diabetes.
Terms of the IPO set the company’s market valuation at $73 million.
Viking set out to raise $55 million in September 2014, but postponed the offering. The company returned earlier this year with a new banker and a different lead drug candidate, a compound intended to ease rehabilitation following surgery to repair a broken hip.