Vaxcyte closes $1.15 billion public offering

SAN CARLOS, Calif., Oct. 09, 2026 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company, announced today the closing of its previously announced concurrent underwritten public offerings of 8,584,375 shares of common stock at a public offering price of $64.00 per share, pre-funded warrants to purchase 400,000 shares of common stock at a public offering price of $63.999 per pre-funded warrant and $575 million aggregate principal amount of 1.50% convertible senior notes due 2032 (the "notes"). These offerings included the exercise in full by the underwriters of their option to purchase up to 1,171,875 additional shares of common stock at the public offering price per share and their option to purchase up to an additional $75 million aggregate principal amount of notes at the public offering price, solely to cover over-allotments, in each case less underwriting discounts and commissions. The aggregate gross proceeds to Vaxcyte from these offerings were approximately $1.15 billion, before deducting underwriting discounts and commissions and other offering expenses payable by Vaxcyte. Vaxcyte intends to use the net proceeds from the offerings to fund (i) clinical development of the VAX-31 adult and pediatric programs, including (a) for the ongoing VAX-31 adult Phase 3 program, the trial evaluating concomitant administration with a seasonal influenza vaccine (OPUS-2, enrolled), the trial in adults who have previously received a pneumococcal vaccine (OPUS-3, enrolled) and the planned manufacturing consistency study, and the anticipated topline safety, tolerability and immunogenicity data announcements from such studies, and (b) for the VAX-31 infant Phase 2 dose-finding study (enrolled), the anticipated topline data announcement(s) from the primary three-dose immunization series and booster dose; (ii) manufacturing scale-up, processes and supply to support its clinical studies and the potential commercial launches of its PCV programs, including (a) to establish additional manufacturing capacity to meet potential incremental supply requirements for the global adult and pediatric populations following the potential initial commercial launch of VAX-31 in adults in the United States and (b) to build inventory levels in advance of such potential commercial launch; (iii) medical affairs, commercial and systems-related investments to prepare for and execute the anticipated U.S. launch of VAX-31 in adults; (iv) ongoing research and development of its other early-stage pipeline vaccine candidates; and (v) general corporate purposes, including working capital, operating expenses and capital expenditures, as well as potential expansion of Vaxcyte's research pipeline. Jefferies, Leerink Partners, BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC and Guggenheim Securities acted as joint book-running managers for the common stock and pre-funded warrant offering. Mizuho acted as bookrunner and BTIG acted as lead manager fo