Public equity report: PIPEs, follow-ons for 11 biotechs add up to $3B+

In another strong week for cash flows into public biotechs, 11 companies together raised more than $3 billion in a series of follow-ons and PIPEs, with recent catalysts or earnings reports driving most of the action.

After a Phase II readout for dual GLP-1/GIPR agonist VK2735 drove shares of Viking Therapeutics Inc. (NASDAQ:VKTX) to an all-time high, the biotech raised $550 million in an upsized follow-on. The company priced its offering late Wednesday at $85, just pennies below its closing price of $85.05 on Tuesday, when it proposed after market hours to raise $350 million. Viking had traded in the $20s and $30s throughout February before the readout...