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 11,200,000 shares of common stock and pre-funded warrants to purchase 1,000,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of US$41.00 per share, and the pre-funded warrants are being sold at a public offering price of US$40.999 per pre-funded warrant. The exercise price of the pre-funded warrants is US$0.001 per share. The aggregate gross proceeds to Vaxcyte from this offering are expected to be approximately US$500 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 1,830,000 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 capital markets team led by Orange County partner Shayne Kennedy and Bay Area partner Richard Kim, with associates Raul Gonzalez, Josh Landis, and Rasha Suleiman. Advice was also provided on regulatory matters by Bay Area partner Betty Pang and Washington, D. C. counsel Chad Jennings; on IP matters by Bay Area partner Jekkie Kim, with Los Angeles associate Michael Sweeney; and on tax matters by Bay Area partner Kirt Switzer, with associate Derek Gumm.