Vaxcyte Closes Upsized $1.1B Concurrent Offerings After Full Over-Allotment Exercise
PCVX sits 78% above its 52-week low of $39.87 on elevated volume (2.5× avg).
Summary
Vaxcyte closed its concurrent equity and convertible note offerings at $1.103B in net proceeds after both over-allotment options were fully exercised, funding the VAX-31 launch and pipeline.
Key Events · Financing and Capital Events · PCVX
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Concurrent Offerings Closed at $1.103B
Vaxcyte closed its equity and convertible note offerings on October 9, 2026, with net proceeds of approximately $544.3M from equity and $558.7M from notes, totaling ~$1.103B.
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Over-Allotment Options Fully Exercised
The equity offering was upsized from 7,412,500 to 8,584,375 shares at $64.00, and the convertible notes from $500M to $575M aggregate principal amount, reflecting full exercise of both over-allotment options.
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Convertible Notes Terms
The 1.50% Convertible Senior Notes due 2032 carry an initial conversion price of approximately $89.60 per share — a 40% premium to the $64.00 equity offering price — with an initial conversion rate of 11.1607 shares per $1,000 principal.
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Use of Proceeds
Proceeds fund VAX-31 adult and pediatric clinical development, manufacturing scale-up, commercial launch preparation, and general corporate purposes following positive OPUS-1 Phase 3 data.
Analysis · PCVX · Life Sciences
Vaxcyte closed its concurrent equity and convertible note offerings on October 9, 2026, with both over-allotment options exercised in full. The equity offering grew from 7.4M to 8.58M shares at $64.00, and the convertible notes from $500M to $575M at a 1.50% coupon with a $89.60 conversion price — a 40% premium to the offering price. Total net proceeds reached approximately $1.103B, up from the ~$959M initially reported. The capital funds the VAX-31 adult and pediatric clinical programs, manufacturing scale-up, and commercial launch preparation following the positive OPUS-1 Phase 3 data announced October 5. The convertible notes add potential future dilution at $89.60 per share, well above the current $71.12 price, while the equity offering was priced at $64.00 — a modest discount to the $66.70 last reported sale price on October 6.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 36.7% of the 1045 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PCVX was trading at $71.12 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $10.6B. The 52-week trading range was $39.87 to $90.75. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.