Vaxcyte Announces Pricing of $750 Million Public Offering
January 30 2024 - 11:37PM
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 10,937,500 shares of common
stock and pre-funded warrants to purchase 781,250 shares of common
stock in the offering. The shares of common stock are being sold at
a public offering price of $64.00 per share, and the pre-funded
warrants are being sold at a public offering price of $63.999 per
pre-funded warrant. The exercise price of the pre-funded warrants
is $0.001 per share. The aggregate gross proceeds to Vaxcyte from
this offering are expected to be approximately $750.0 million,
before deducting underwriting discounts and commissions and other
offering expenses, and excluding the exercise of any pre-funded
warrants. All shares of common stock and pre-funded warrants to be
sold in the offering will be offered by Vaxcyte. Vaxcyte has
granted the underwriters a 30-day option to purchase up to an
additional 1,757,812 shares of its common stock at the public
offering price per share, less underwriting discounts and
commissions.
The offering is expected to close on February 2, 2024, subject
to the satisfaction of customary closing conditions.
BofA Securities, Jefferies, Leerink Partners LLC, Evercore ISI,
Guggenheim Securities and Cantor are acting as joint book-running
managers for the offering. BTIG and Needham & Company are
acting as lead 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; Leerink Partners LLC,
Attention: Syndicate Department, 53 State Street, 40th Floor,
Boston, MA 02109, by email at syndicate@leerink.com or by
phone at (800) 808-7525, ext. 6105; and 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 VaxcyteVaxcyte 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 Phase 3-ready 24-valent, broad-spectrum,
carrier-sparing pneumococcal conjugate vaccine (PCV) being
developed for the prevention of invasive pneumococcal disease.
VAX-31, the Company’s next-generation 31-valent PCV, is the
broadest-spectrum PCV candidate in the clinic today.
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-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 RelationsVaxcyte, Inc.917-685-8799media@vaxcyte.com
Jennifer Zibuda, Senior Director, Investor RelationsVaxcyte,
Inc.860-729-8902investors@vaxcyte.com
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