Vaxcyte Finalizes $500M Equity Offering at $64/Share Alongside $500M Convertible Notes
PCVX sits 63% above its 52-week low of $39.87 on elevated volume (2.2× avg).
Summary
Vaxcyte finalized its $500M equity offering at $64/share and concurrent $500M convertible note offering, raising ~$959M net to fund VAX-31 commercialization following positive Phase 3 data.
Key Events · Financing and Capital Events · PCVX
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Equity Offering Priced at $64.00/Share
7,412,500 shares plus 400,000 pre-funded warrants priced at $64.00, a 4% discount to the $66.70 last reported sale price on October 6, 2026. Gross proceeds of $500M before underwriting discounts.
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Net Proceeds of ~$473M from Equity
Underwriting discount of $3.36/share ($26.25M total) plus $500K in expenses reduces net proceeds to approximately $473.3M, or $544.3M if the 1,171,875-share over-allotment option is fully exercised.
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Concurrent $500M Convertible Notes
1.50% convertible senior notes due 2032 with initial conversion price of ~$89.60/share (11.1607 shares per $1,000 principal). Net proceeds estimated at $485.8M, bringing combined raise to ~$959M.
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Immediate Dilution of $43.49/Share
New investors pay $64.00 for shares with as-adjusted net tangible book value of $20.51, representing immediate dilution of $43.49 per share (68% of offering price).
Analysis · PCVX · Life Sciences
The final terms of Vaxcyte's concurrent capital raise are now locked in, with 7.4 million shares priced at $64.00—a 4% discount to the $66.70 last reported sale price on October 6. The equity offering alone nets approximately $473 million, while the concurrent $500 million convertible note offering (1.50% coupon, due 2032, conversion price ~$89.60) adds another ~$486 million. Combined, the company is raising roughly $959 million in net proceeds to fund the VAX-31 commercial launch and Phase 3 program. New investors face immediate dilution of $43.49 per share—about 68% of the offering price—reflecting the premium to net tangible book value. The deal comes just days after positive OPUS-1 Phase 3 topline data, suggesting management is capitalizing on the stock's strength to fund the pivotal commercial build-out.
How filings like this one have moved
In the 30 days to Oct 8, 2026, 36.3% of the 1065 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 $64.94 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $9.7B. 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.