Vaxcyte raises $1 bln for pneumococcal vaccine development
Vaxcyte shares fell 0.3% in premarket trading after the company announced it secured $1 billion in funding through the sale of shares and convertible bonds. The funds will be used for the clinical development of its pneumococcal vaccine.
70 on Tues after co launched the offerings * Co intends to use net proceeds from offerings to fund clinical development of VAX-31 adult and pediatric programs, including ongoing VAX-31 adult Phase 3 program * Jefferies, Leerink, BofA, Evercore, Goldman Sachs and Guggenheim joint bookrunners for equity offering; Jefferies, Leerink, BofA, Goldman Sachs and Evercore leading CBs deal * At Tues close, PCVX stock up ~45% YTD (Lance Tupper is a Reuters market analyst. com 1-646-279-6380)