Latham & Watkins Advises on Vaxcyte’s US$750 Million Public Offering

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 10,937,500 shares of common stock and pre-funded warrants to purchase 781,250 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of US$64 per share, and the pre-funded warrants are being sold at a public offering price of US$63.999 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$750 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 1,757,812 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, 2024, subject to the satisfaction of customary closing conditions.

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 and Ryleigh Chen. 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.