Vaxcyte prices $500M convertible notes and stock offering after VAX-31 Phase 3 win
The company finalized terms for its common stock and convertible note offerings on October 6, 2026, raising roughly $960 million combined after the OPUS-1 readout.
Vaxcyte, Inc. priced two concurrent capital raises on October 6, 2026, days after reporting positive topline data from the OPUS-1 pivotal Phase 3 trial of its pneumococcal vaccine candidate VAX-31, according to SEC filings.
The company priced an offering of 7,412,500 shares of common stock plus pre-funded warrants for 400,000 shares at $64.00 per share, with proceeds before expenses to the company of $60.64 per share, totaling $473,749,6001. Vaxcyte also granted underwriters an option to buy up to an additional 1,171,875 shares for 30 days after the prospectus date.1 Separately, it priced $500,000,000 in 1.50% convertible senior notes due 2032, with underwriters holding an option for up to an additional $75,000,000 aggregate principal amount of notes solely to cover over-allotments2. The notes carry an initial conversion rate of 11.1607 shares per $1,000 principal amount, representing a conversion price of approximately $89.60 per share2. The last reported sale price of Vaxcyte's common stock on October 6, 2026 was $66.70 per share.1
The financings followed Vaxcyte's October 5, 2026 announcement that in the OPUS-1 trial, VAX-31 met all prespecified co-primary immunogenicity endpoints in adults 50 and older, with all 28 shared serotypes meeting noninferiority criteria at a lower bound confidence interval above 0.667, met noninferiority for 20 of 20 serotypes shared with PCV20 and 17 of 19 shared with PCV21, and was well tolerated with a safety profile similar to PCV20 and PCV21 at all ages studied.3
Although financial results for the quarter ended September 30, 2026 are not yet finalized, the company expects cash, cash equivalents and investments as of that date to be reported at approximately $2.3 billion.1 Proceeds are intended to fund clinical development of VAX-31's adult and pediatric programs, including the enrolled OPUS-2 and OPUS-3 trials and a planned manufacturing consistency study, along with manufacturing scale-up and commercial launch preparation.1 Vaxcyte said it looks forward to results from OPUS-2 and OPUS-3 in the first half of 2027, to be followed by the manufacturing consistency study.3
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