Vaxcyte Announces Pricing of $500 Million Public Offering
Vaxcyte, Inc. (Nasdaq: PCVX) has announced a public offering of 11,200,000 shares of common stock and pre-funded warrants for approximately $500 million in gross proceeds. The common stock is priced at $41.00 per share, while pre-funded warrants are priced at $40.999 each, with an exercise price of $0.001. The offering is set to close on April 21, 2023, subject to customary conditions. The underwriters have an option to purchase up to an additional 1,830,000 shares. This capital raise aims to support Vaxcyte's ongoing development of innovative vaccines, including its lead candidate, VAX-24, targeting invasive pneumococcal disease. Vaxcyte's technology leverages advanced synthetic techniques to enhance vaccine efficacy.
- Vaxcyte is raising approximately $500 million for vaccine development.
- The capital will support clinical advancement of lead candidate VAX-24, a 24-valent pneumococcal conjugate vaccine.
- The offering may lead to dilution of existing shareholder equity.
SAN CARLOS, Calif., April 19, 2023 (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, announced today the pricing of an underwritten public offering of common stock and pre-funded warrants. Vaxcyte is selling 11,200,000 shares of common stock and pre-funded warrants to purchase 1,000,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of
The offering is expected to close on April 21, 2023, subject to the satisfaction of customary closing conditions.
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 has been filed, and a final 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 final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from BofA Securities NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 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 GSEquityProspectusDelivery@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, carrier-sparing pneumococcal conjugate vaccine (PCV) 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-31, a 31-valent PCV candidate; VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections; VAX-PG, a therapeutic vaccine candidate designed to slow or stop the progression of periodontal disease; and VAX-GI, a vaccine program designed to prevent Shigella. Vaxcyte is driven to eradicate or treat invasive bacterial infections, which have serious and costly health consequences when left unchecked.
Contacts:
Janet Graesser, Vice President, Corporate Communications and Investor Relations
Vaxcyte, Inc.
917-685-8799
media@vaxcyte.com
Jennifer Zibuda, Senior Director, Investor Relations
Vaxcyte, Inc.
860-729-8902
investors@vaxcyte.com
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