Vaxcyte Prices $1.15B Concurrent Offerings at $64 Per Share
PCVX sits 67% above its 52-week low of $39.87 on elevated volume (6.8× avg).
Summary
Vaxcyte priced its concurrent public offerings: common stock and pre-funded warrants at $64 per share, plus $500 million in convertible senior notes due 2032. The convertible notes carry a 1.50% coupon and initial conversion price of approximately $89.60 per share, a 40% premium to the equity offering price. The equity pricing is a modest discount to the last close of $66.70, reflecting standard deal mechanics rather than distress. This follows the October 5 announcement of up to $1.15 billion in total proceeds, with the company capitalizing on the positive OPUS-1 Phase 3 data for VAX-31 to fund its pipeline. The offering is expected to close shortly, providing Vaxcyte with substantial cash to advance its pneumococcal vaccine franchise.
Updated with an SEC FWP filing · What changed
Updates
· SEC FWP — The convertible notes carry a 1.50% coupon and initial conversion price of approximately $89.60 per share, a 40% premium to the equity offering price.
At the time of this announcement, PCVX was trading at $66.70 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $9.9B. The 52-week trading range was $39.87 to $90.75. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.