Vaxcyte Announces Closing of $632.5 Million Public Offering Including Full Exercise of Underwriters’ Option to Purchase Additional Shares
Rhea-AI Summary
Vaxcyte (Nasdaq: PCVX) closed an underwritten public offering of 12,650,000 shares at $50.00 per share, including full exercise of a 1,650,000-share underwriter option. The aggregate gross proceeds were $632.5 million, before underwriting discounts, commissions, and offering expenses. A shelf registration was effective May 24, 2024.
Positive
- Raised $632.5 million in gross proceeds
- Offered 12,650,000 shares at $50.00 per share
- Underwriters exercised full 1,650,000-share option
Negative
- Issuance will dilute existing shareholders due to new share issuance
- Net proceeds will be reduced by underwriting discounts, commissions, and offering expenses
Key Figures
Market Reality Check
Peers on Argus
PCVX gained 1.42% while key biotech peers like ACAD (-1.8%), ARWR (-1.17%), KRYS (-0.98%) and others declined, pointing to a stock-specific reaction to the offering close rather than a sector-wide move.
Previous Offering Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Offering pricing | Neutral | +2.8% | Priced 11,000,000-share offering at $50, targeting $550M gross proceeds. |
| Jan 29 | Offering launch | Neutral | +2.8% | Announced proposed $500M common and pre-funded warrant offering plus option. |
| Sep 06 | Offering closing | Neutral | +3.3% | Closed ~$1.5B deal with full over-allotment exercise in stock and warrants. |
| Sep 04 | Offering pricing | Neutral | +2.7% | Priced ~$1.3B public offering with additional-share option for underwriters. |
| Sep 03 | Offering launch | Neutral | -0.9% | Commenced $1.0B offering with $150M underwriter option in common and warrants. |
Offering-related announcements have typically seen modest positive moves, with an average +2.51% 24-hour reaction across recent similar financings.
Over the past 18 months, Vaxcyte repeatedly used public offerings to fund its vaccine pipeline, including large deals in September 2024 (up to $1.5 billion) and multiple transactions in late January 2026 around the current deal. These financing events generally produced modest single‑day gains of roughly 2–3%. Against this backdrop, the closing of the $632.5 million offering continues a pattern of sizeable capital raises being absorbed relatively constructively by the market.
Historical Comparison
Recent offering headlines for PCVX have typically seen around a +2.51% one-day move, suggesting that capital-raise news has been digested relatively well by the market.
The company has followed a consistent sequence of announcing, pricing and then closing sizeable equity offerings to fund its clinical-stage vaccine programs.
Market Pulse Summary
This announcement confirms the closing of a sizable equity financing, with Vaxcyte raising $632.5 million by selling 12,650,000 shares at $50.00. It follows a series of offering-related steps in late January 2026 and earlier large-capital raises in 2024. Investors tracking this story may focus on how the strengthened balance sheet supports late-stage trials and manufacturing expansion, while monitoring future disclosures on cash usage, development timelines and additional financing activity.
Key Terms
underwritten public offering financial
prospectus supplement regulatory
AI-generated analysis. Not financial advice.
SAN CARLOS, Calif., Feb. 02, 2026 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company, announced today the closing of its previously announced underwritten public offering of 12,650,000 shares of common stock at a public offering price of
BofA Securities, Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities acted as joint book-running managers, Mizuho acted as a book-runner and BTIG and Needham & Company acted as joint lead co-managers for the offering.
A shelf registration statement relating to the offered securities was filed with the Securities and Exchange Commission (SEC) and was automatically effective upon filing on May 24, 2024. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website, located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from BofA Securities NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at Prospectus_Department@Jefferies.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by email at syndicate@leerink.com or by phone at (800) 808-7525, ext. 6105; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 1-888-474-0200 or by email at ecm.prospectus@evercore.com; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Vaxcyte
Vaxcyte is a vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. VAX-31, a 31-valent pneumococcal conjugate vaccine (PCV) candidate being evaluated in a Phase 3 adult clinical program and in a Phase 2 infant clinical program, is being developed for the prevention of invasive pneumococcal disease (IPD) and is the broadest-spectrum PCV candidate in the clinic today. VAX-24, a 24-valent PCV candidate, is designed to cover more serotypes than any infant PCV on-market. VAX-31 and VAX-24 are designed to improve upon standard-of-care PCVs by covering the serotypes in circulation that cause a significant portion of IPD and are associated with high case-fatality rates, antibiotic resistance and meningitis, while maintaining coverage of previously circulating strains. VAX-XL, in earlier-stage development, also leverages the Company’s carrier-sparing, site-specific conjugation technology with the aim of further expanding coverage to deliver the broadest-spectrum candidate in the Company’s PCV franchise.
Vaxcyte is re-engineering the way highly complex vaccines are made through XpressCF®, its cell-free protein synthesis platform exclusively licensed from Sutro Biopharma, Inc. Unlike conventional cell-based approaches, the Company’s system for producing difficult-to-make proteins and antigens is intended to accelerate its ability to develop high-fidelity vaccines with enhanced immunological benefits. Vaxcyte’s pipeline also includes VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections, and VAX-GI, a vaccine candidate designed to prevent Shigella.
Contacts:
Patrick Ryan, Executive Director, Corporate Affairs
Vaxcyte, Inc.
415-606-5135
media@vaxcyte.com
Jeff Macdonald, Executive Director, Investor Relations
Vaxcyte, Inc.
917-371-0940
investors@vaxcyte.com
FAQ
How many shares did Vaxcyte (PCVX) sell in the February 2, 2026 offering?
What were the proceeds and pricing details of Vaxcyte's (PCVX) public offering?
Did underwriters exercise their option in Vaxcyte's (PCVX) offering and what does that mean?
How will Vaxcyte (PCVX) investors be affected by the new share issuance?
Where can investors find the final prospectus for Vaxcyte's (PCVX) February 2, 2026 offering?
