Vaxcyte, Inc. has completed a combined offering of equity and debt securities, raising approximately $1.103 billion in gross proceeds. The transactions, which closed on October 9, 2026, were executed through a registration statement on Form S-3.
The company sold 7,412,500 shares of common stock at a public price of $64.00 per share. Additionally, it issued pre-funded warrants to purchase 400,000 shares at a price of $63.999 per warrant. The underwriters exercised their full 30-day over-allotment options, purchasing an additional 1,171,875 shares of common stock. The gross proceeds from the equity portion were approximately $544.3 million.
In a separate transaction, Vaxcyte issued $575,000,000 aggregate principal amount of 1.50% Convertible Senior Notes due 2032. The underwriters exercised their full 30-day over-allotment option, purchasing an additional $75,000,000 in notes. The gross proceeds from the debt offering were approximately $558.7 million.
The notes are senior, unsecured obligations that accrue interest at a rate of 1.50% per annum, payable semi-annually on April 15 and October 15. They mature on October 15, 2032, with conversion rights becoming available on or after July 15, 2032. The initial conversion rate is 11.1607 shares of common stock per $1,000 principal amount of notes, representing an initial conversion price of approximately $89.60 per share.
The underwriting agreements were entered into on October 6, 2026, with Jefferies LLC and Leerink Partners LLC acting as representatives for the underwriters.
