Vaxcyte Announces Pricing of $550 Million Public Offering

Rhea-AI Summary

Vaxcyte (Nasdaq: PCVX) priced an underwritten public offering of 11,000,000 common shares at $50.00 per share, for aggregate gross proceeds of $550 million before fees. The company granted a 30-day option for up to 1,650,000 additional shares.

The offering is expected to close on February 2, 2026, subject to customary closing conditions, and a final prospectus will be filed with the SEC.

Positive

• Gross proceeds of $550 million from the offering
• Planned sale of 11,000,000 common shares at $50.00 per share
• Underwriters granted a 30-day option for 1,650,000 additional shares
• Expected closing date of February 2, 2026, providing near-term capital timing

Negative

• Net proceeds will be reduced by underwriting discounts, commissions, and offering expenses
• Potential share count increase if underwriter option for 1,650,000 shares is exercised
• Closing is subject to customary conditions, creating execution risk before Feb 2, 2026

Key Figures

Gross proceeds: $550 million Shares offered: 11,000,000 shares Offering price: $50.00 per share +3 more

6 metrics

Gross proceeds $550 million Aggregate gross proceeds from the newly priced offering

Shares offered 11,000,000 shares Common stock to be sold by Vaxcyte in the offering

Offering price $50.00 per share Public offering price for the common stock

Underwriters’ option shares 1,650,000 shares Additional shares under 30-day underwriters’ option

Underwriters’ option period 30 days Duration of underwriters’ option to buy additional shares

Expected closing date February 2, 2026 Target closing date for the offering, subject to conditions

Market Reality Check

Price: $52.82 Vol: Volume 568,574 is 0.52x t...

low vol

$52.82 Last Close

Volume Volume 568,574 is 0.52x the 20-day average of 1,085,172 shares, indicating subdued trading activity pre-announcement. low

Technical Shares traded above the 200-day MA, with price at $52.82 versus a 200-day MA of $38.30 before this offering news.

Peers on Argus

Momentum scanner showed no sector-wide move. Among key biotech peers, ACAD, ARWR...

Momentum scanner showed no sector-wide move. Among key biotech peers, ACAD, ARWR, ACLX and KRYS were modestly positive while MTSR was slightly negative, suggesting mixed, stock-specific trading rather than a unified sector trend.

Previous Offering Reports

5 past events · Latest: Sep 06 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Sep 06	Offering closing	Negative	+3.3%	Closed ~$1.5B public offering including full underwriters’ option exercise.
Sep 04	Offering pricing	Negative	+2.7%	Priced ~$1.3B offering of stock and pre-funded warrants at $103.
Sep 03	Offering launch	Negative	-0.9%	Announced proposed $1.0B underwritten offering with $150M option.
Feb 02	Offering closing	Negative	-1.5%	Closed $862.5M public offering including full underwriters’ option.
Jan 30	Offering pricing	Negative	+6.0%	Priced $750M public offering of common stock for Vaxcyte.

Pattern Detected

Vaxcyte’s prior equity offerings often coincided with modest single-day stock moves, with a mix of positive and negative reactions, indicating that capital raises have not produced a consistently directional pattern.

Recent Company History

Over the past two years, Vaxcyte has repeatedly tapped the equity markets with sizable offerings, including transactions priced on Jan 30, 2024, Feb 2, 2024, and a multi-step sequence in early Sep 2024. These raises ranged from $750 million to about $1.5 billion in gross proceeds and often involved underwriters’ options for additional shares. The current $550 million offering continues this pattern of funding large-scale vaccine development and commercialization efforts via follow-on equity deals.

Historical Comparison

offering

+2.9 %

Average Historical Move

Historical Analysis

In the past two years, Vaxcyte announced 5 equity offerings. Average same-day move was about 2.89%, with both positive and negative reactions around these capital raises.

Typical Pattern

Repeated large follow-on offerings have incrementally funded Vaxcyte’s vaccine pipeline and commercial build-out, establishing a pattern of sizable equity financing events.

Market Pulse Summary

This announcement details a $550 million underwritten public offering at $50.00 per share, plus a 30...

Analysis

This announcement details a $550 million underwritten public offering at $50.00 per share, plus a 30-day option for underwriters to buy additional shares. It extends a history of sizeable equity raises used to fund Vaxcyte’s vaccine programs and commercial build-out. Investors may monitor future capital needs, progress across late-stage trials, and execution on manufacturing expansion to assess how effectively this new capital supports long-term development plans.

Key Terms

underwritten public offering, public offering price, underwriting discounts and commissions, joint book-running managers, +3 more

7 terms

underwritten public offering financial

"announced today the pricing of an underwritten public offering of common stock."

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

public offering price financial

"common stock in the offering at a public offering price of $50.00 per share."

The public offering price is the amount of money a company charges investors to buy its shares during a new stock sale to the public. It determines how much the company raises and how much each share is worth at the start of trading. For investors, it helps gauge the initial value of the stock and whether it might be a good investment opportunity.

underwriting discounts and commissions financial

"before deducting underwriting discounts and commissions and other offering expenses."

Underwriting discounts and commissions are fees paid to financial institutions that help sell new securities to investors. They act like a commission for their role in connecting companies with buyers, often reducing the amount of money the issuing company raises. For investors, understanding these costs helps gauge how much of their investment is going toward the actual securities versus fees paid to middlemen.

joint book-running managers financial

"Guggenheim Securities are acting as joint book-running managers, Mizuho is acting"

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

prospectus supplement regulatory

"A preliminary prospectus supplement and accompanying prospectus relating to the offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

prospectus regulatory

"final prospectus supplement and accompanying prospectus relating to the offering will be filed"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

Securities and Exchange Commission regulatory

"registration statement relating to the offered securities was filed with the Securities and Exchange Commission"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

AI-generated analysis. Not financial advice.

SAN CARLOS, Calif., Jan. 29, 2026 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company, announced today the pricing of an underwritten public offering of common stock. Vaxcyte is selling 11,000,000 shares of common stock in the offering at a public offering price of $50.00 per share. The aggregate gross proceeds to Vaxcyte from this offering are expected to be $550 million, before deducting underwriting discounts and commissions and other offering expenses. All shares of common stock to be sold in the offering will be offered by Vaxcyte. Vaxcyte has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the public offering price per share, less underwriting discounts and commissions.

The offering is expected to close on February 2, 2026, subject to the satisfaction of customary closing conditions.

BofA Securities, Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities are acting as joint book-running managers, Mizuho is acting as a book-runner, and BTIG and Needham & Company are acting 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 preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be 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, when available, 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

What did Vaxcyte (PCVX) announce about the January 2026 public offering?

Vaxcyte announced an underwritten offering of 11,000,000 shares at $50.00 per share. According to the company, aggregate gross proceeds are expected to be $550 million, before underwriting discounts, commissions, and offering expenses.

How large is the underwriter option in Vaxcyte's PCVX offering and what does it mean?

Vaxcyte granted underwriters a 30-day option to buy up to 1,650,000 additional shares. According to the company, exercising the option would increase total shares sold and raise additional gross proceeds.

When is the Vaxcyte (PCVX) offering expected to close and what conditions apply?

The offering is expected to close on February 2, 2026, subject to customary closing conditions. According to the company, completion depends on satisfying standard underwriting and regulatory conditions before closing.

Who are the lead managers for Vaxcyte's PCVX public offering?

BofA Securities, Jefferies, Leerink Partners, Evercore ISI, and Guggenheim Securities are joint book-running managers. According to the company, Mizuho, BTIG, and Needham & Company also participate in the syndicate.

Where can investors find Vaxcyte's PCVX prospectus for the offering?

A final prospectus supplement and accompanying prospectus will be filed with the SEC and available on www.sec.gov. According to the company, copies will also be obtainable from the listed underwriters when available.