Vaxcyte Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Vaxcyte, a next-generation vaccine company, has successfully closed its initial public offering, issuing 17,968,750 shares at $16.00 each, including the full underwriter's option of 2,343,750 shares. This IPO raised $287.5 million in gross proceeds, facilitating the company's mission to develop innovative vaccines for serious infectious diseases. The shares began trading on Nasdaq under the ticker symbol 'PCVX' on June 12, 2020. Vaxcyte utilizes a cutting-edge protein synthesis platform to enhance vaccine development, focusing on pneumococcal conjugate vaccines and other novel therapies.

Positive

• Raised $287.5 million in gross proceeds from the IPO.
• Utilizes an advanced protein synthesis platform for vaccine development.
• Focus on addressing significant infectious diseases with innovative vaccines.

Negative

• None.

FOSTER CITY, Calif., June 16, 2020 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide, today announced the closing of its initial public offering of 17,968,750 shares of common stock, which includes the full exercise of the underwriters’ option to purchase 2,343,750 additional shares of common stock, at a public offering price of $16.00 per share. All of the shares were offered by Vaxcyte. The aggregate gross proceeds from the offering were $287.5 million, before deducting underwriting discounts and commissions and offering expenses. The shares began trading on the Nasdaq Global Select Market under the ticker symbol “PCVX” on June 12, 2020.

BofA Securities, Jefferies and Evercore ISI acted as joint book-running managers for the offering. Cantor and Needham & Company acted as co-managers for the offering.

The registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on June 11, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from: BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by telephone at (800) 294-1322, or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; or Evercore Group L.L.C. c/o Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Vaxcyte
Vaxcyte, formerly known as SutroVax, is a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide. The Company’s cell-free protein synthesis platform, comprising the XpressCF^TM platform, exclusively licensed from Sutro Biopharma, Inc., together with Vaxcyte’s proprietary know-how, enables the design and production of protein carriers and antigens, the critical building blocks of vaccines, in ways that the Company believes conventional vaccine technologies currently cannot. In addition to its pneumococcal conjugate vaccines in development, VAX-24 and VAX-XP, Vaxcyte is leveraging its proprietary platform to advance other novel vaccines, including a prophylactic vaccine to prevent Group A Strep infections (VAX-A1) and a therapeutic vaccine to treat periodontal disease (VAX-PG).

Investor Contact:
Andrew Guggenhime, Chief Financial Officer & Chief Business Officer
Vaxcyte, Inc.
650-837-0111
investors@vaxcyte.com

Media Contact:
Sylvia Aranda
W2O
415-658-9734
saranda@w2ogroup.com

FAQ

What was the public offering price for Vaxcyte's IPO?

The public offering price for Vaxcyte's IPO was $16.00 per share.

How much capital did Vaxcyte raise from its initial public offering?

Vaxcyte raised $287.5 million in gross proceeds from its IPO.

When did Vaxcyte's shares begin trading on Nasdaq?

Vaxcyte's shares began trading on Nasdaq under the ticker symbol 'PCVX' on June 12, 2020.

How many shares did Vaxcyte offer in its initial public offering?

Vaxcyte offered 17,968,750 shares in its initial public offering.