Vaxcyte Completes $1.5 Billion Public Offering with Underwriters' Option Fully Exercised

SAN CARLOS, Calif., Sept. 06, 2024 -- Vaxcyte, Inc. (Nasdaq: PCVX), a company focused on vaccine innovation, announced the completion of its underwritten public offering. The offering included 12,087,378 shares of common stock priced at $103.00 per share and pre-funded warrants for 2,427,184 shares of common stock at $102.999 per warrant. Additionally, the underwriters fully exercised their option to purchase an extra 1,893,203 shares at the public offering price, before underwriting discounts, commissions, and other expenses.

The total gross revenue from this offering reached approximately $1.5 billion. The companies that acted as joint book-running managers for this offering included BofA Securities, Jefferies, Leerink Partners, Goldman Sachs & Co. LLC, Evercore ISI, Guggenheim Securities, and Mizuho.

A shelf registration statement was filed with the Securities and Exchange Commission (SEC) on May 24, 2024, and became automatically effective upon filing. Both the final prospectus supplement and the accompanying prospectus related to this offering are accessible on the SEC’s website.

Vaxcyte is dedicated to creating high-fidelity vaccines to combat bacterial diseases. Their development pipeline includes broad-spectrum conjugate vaccines and novel protein vaccines aimed at preventing or treating bacterial infections. Among their leading candidates is VAX-31, a 31-valent pneumococcal conjugate vaccine (PCV) ready for Phase 3 trials. VAX-31 targets invasive pneumococcal disease (IPD) in both adults and infants and is currently the most comprehensive PCV candidate in clinical trials. Another key candidate, VAX-24, is a 24-valent PCV undergoing Phase 2 trials in infants. It is designed to offer protection against more serotypes than any existing infant PCV on the market.

Both VAX-31 and VAX-24 aim to enhance existing PCVs by covering serotypes responsible for a large portion of IPD cases, which are often associated with high fatality rates, antibiotic resistance, and meningitis. These vaccines also maintain protection against strains previously covered by existing vaccination practices.

Vaxcyte employs advanced synthetic techniques and the XpressCF™ cell-free protein synthesis platform, licensed from Sutro Biopharma, Inc., to develop these complex vaccines more efficiently. This platform allows for the production of difficult-to-make proteins and antigens, enhancing the immunological benefits of their vaccines.

Apart from VAX-31 and VAX-24, Vaxcyte’s pipeline includes several other vaccine candidates. VAX-A1 is a preventive vaccine for Group A Strep infections. VAX-PG is a therapeutic vaccine aimed at slowing or stopping the progression of periodontal disease. VAX-GI is designed to prevent Shigella infections. Vaxcyte’s mission is to eliminate or treat severe bacterial infections that pose significant health risks and financial burdens if untreated.