Viking Therapeutics (VKTX) shares are down about 12% this morning after the company priced a $500 million raise.

Two days ago, when the stock soared on its maintenance study results, I wrote that “if management needs to dilute shareholders with a follow-on equity offering, I expect plenty of takers.”

Well, here we are.

The details

Viking announced a $400 million offering after the bell yesterday, then upsized to $500 million this morning.

• 7,857,143 new shares at $35 each, about 16% below Wednesday’s close (shares currently trading at about $36).
• $225 million of 2.00% convertible notes due 2032, convertible at about $50.75 per share
• Roughly $476 million in estimated net proceeds, before the underwriters’…