Vaxcyte Announces Commencement of Proposed Public Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

Vaxcyte, Inc. (Nasdaq: PCVX) has initiated an underwritten public offering of common stock and pre-funded warrants. The company plans to grant underwriters a 30-day option to acquire an additional 15% of offered shares. The offering's completion is contingent on market conditions. BofA Securities, Jefferies, SVB Securities, Evercore ISI, and Guggenheim Securities are the main managers for this offering. A shelf registration statement was filed with the SEC, and a preliminary prospectus will be available. No offers are to be made in jurisdictions where unlawful.

Positive

• Initiating a public offering could provide Vaxcyte with additional capital for business operations and vaccine development.
• The company is positioning itself for future growth with innovative vaccine solutions, including a broad-spectrum pneumococcal vaccine.

Negative

• The potential dilution of current shareholders' equity due to the issuance of new shares.
• Uncertainty regarding the completion of the offering and market conditions may affect investor confidence.

SAN CARLOS, Calif., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases, today announced that it has commenced an underwritten public offering of its common stock and pre-funded warrants. All shares of common stock and pre-funded warrants to be sold in the offering will be offered by Vaxcyte. Vaxcyte intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its common stock offered in the public offering (including shares underlying the pre-funded warrants). The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

BofA Securities, Jefferies, SVB Securities, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering. Cantor is acting as lead manager for the offering. Needham & Company and BTIG are acting as co-managers for the offering.

A shelf registration statement relating to the offered securities was filed with the Securities and Exchange Commission (SEC), and was automatically effective upon filing on July 2, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. Copies of the preliminary prospectus relating to this offering may be obtained, when available, from BofA Securities NC1-004-03-43, Attention: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255 or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at Prospectus_Department@Jefferies.com; SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by email at syndicate@svbsecurities.com or by phone at (800) 808-7525, ext. 6105; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 1-888-474-0200 or by email at ecm.prospectus@evercore.com; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at EquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or a 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 is a vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. The Company is developing broad-spectrum conjugate and novel protein vaccines to prevent or treat bacterial infectious diseases. Vaxcyte’s lead candidate, VAX-24, is a 24-valent, broad-spectrum pneumococcal conjugate vaccine being developed for the prevention of invasive pneumococcal disease. Vaxcyte is re-engineering the way highly complex vaccines are made through modern synthetic techniques, including advanced chemistry and the XpressCF™ cell-free protein synthesis platform, exclusively licensed from Sutro Biopharma, Inc. Unlike conventional cell-based approaches, the Company’s system for producing difficult-to-make proteins and antigens is intended to accelerate its ability to efficiently create and deliver high-fidelity vaccines with enhanced immunological benefits. Vaxcyte’s pipeline also includes VAX-XP, a PCV with coverage of 31 strains; VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections; and VAX-PG, a therapeutic vaccine candidate designed to slow or stop the progression of periodontal disease. Vaxcyte is driven to eradicate or treat invasive bacterial infections, which have serious and costly health consequences when left unchecked.

Contacts:
Andrew Guggenhime, President and Chief Financial Officer
Vaxcyte, Inc.
650-837-0111
investors@vaxcyte.com

Janet Graesser, Vice President, Corporate Communications and Investor Relations
Vaxcyte, Inc.
917-685-8799
media@vaxcyte.com

FAQ

What is the purpose of Vaxcyte's public offering on October 24, 2022?

Vaxcyte aims to raise capital for business operations and vaccine development through its public offering of common stock and pre-funded warrants.

Who are the underwriters for Vaxcyte's stock offering?

BofA Securities, Jefferies, SVB Securities, Evercore ISI, and Guggenheim Securities are acting as joint book-running managers for the offering.

What is the risk of dilution for Vaxcyte shareholders?

Current shareholders may experience dilution due to the issuance of new shares in the public offering.

How much additional stock can underwriters purchase in Vaxcyte's offering?

Underwriters have a 30-day option to purchase up to an additional 15% of the number of shares offered in the public offering.

When will Vaxcyte's preliminary prospectus be available?

A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and will be available on the SEC’s website.