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

Rhea-AI Summary

Vaxcyte, Inc. (Nasdaq: PCVX) announced a public offering of common stock and pre-funded warrants, with underwriters having a 30-day option to purchase an additional 15% of shares. The offering's terms are subject to market conditions and lack definitive timelines. Leading the offering are BofA Securities, Jefferies, and Evercore ISI. A shelf registration statement has been effective since July 2, 2021. The company's focus is on developing advanced vaccines, including its lead candidate, VAX-24, targeting invasive pneumococcal disease.

Positive

• Public offering could provide capital for further vaccine development.
• Vaxcyte's focus on innovative vaccine technologies, like VAX-24, highlights growth potential.

Negative

• The public offering may dilute existing shareholders' equity.
• Market uncertainty regarding the completion and terms of the offering.

SAN CARLOS, Calif., Jan. 12, 2022 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases, announced today 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 and Evercore ISI are acting as joint book-running managers for the offering. Cantor is acting as lead manager for the offering. Needham & Company is acting as co-manager 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 29255 or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at 1-877-821-7388, or by email at Prospectus_Department@Jefferies.com; 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.

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 immunizations are made through modern synthetic techniques, including advanced chemistry and the XpressCFTM 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 an expanded breadth of coverage of greater than 30 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 stock offering?

The stock offering aims to raise capital to support the development of high-fidelity vaccines.

What is the size of the stock offering by Vaxcyte?

The exact size of the offering has not been specified, but underwriters have a 30-day option to purchase up to an additional 15% of the offered shares.

Who are the underwriters for Vaxcyte's stock offering?

The underwriters include BofA Securities, Jefferies, and Evercore ISI, with Cantor as the lead manager.

How might Vaxcyte's stock offering affect shareholders?

The offering has the potential to dilute existing shareholders' equity, depending on the final number of shares sold.

When was the registration statement for Vaxcyte's offering filed?

The shelf registration statement was filed with the SEC and became effective on July 2, 2021.