Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases, has announced the pricing of an underwritten public offering of common stock and pre-funded warrants. Vaxcyte is selling 15,000,000 shares of common stock and pre-funded warrants to purchase 3,750,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of US$32.00 per share, and the pre-funded warrants are being sold at a public offering price of US$31.999 per underlying share. The aggregate gross proceeds to Vaxcyte from this offering are expected to be approximately US$600.0 million, before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of any pre-funded warrants. All shares of common stock and pre-funded warrants 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 2,812,500 shares of its common stock at the public offering price per share, less underwriting discounts and commissions.
Latham & Watkins LLP represents the underwriters in the offering, with a team led by Bay Area partner Brian Cuneo, with associates Richard Kim, Raul Gonzalez, and Josh Landis. Advice was also provided on regulatory matters by Washington, D.C. partner Ben Haas, with Bay Area counsel Betty Pang and Washington, D.C. associate Chad Jennings; on intellectual property matters by Bay Area partners Judith Hasko and Jekkie Kim, with Los Angeles associate Michael Sweeney; and on tax matters by Bay Area partner Kirt Switzer, with associate Derek Gumm.