Vaxcyte closes about $1.15 billion in equity and convertible offerings

Vaxcyte said it closed concurrent underwritten offerings of common stock, pre-funded warrants, and 1.5% convertible senior notes due 2032 on Oct. 9, 2026, for about $1.15 billion in aggregate gross proceeds before discounts and expenses.

What closed

On Oct. 9, 2026, Vaxcyte, Inc. (Nasdaq: PCVX) closed concurrent underwritten public offerings that its Oct. 9 GlobeNewswire release put at about $1.15 billion in aggregate gross proceeds before underwriting discounts, commissions, and offering expenses.

The company said the equity side delivered 8,584,375 shares of common stock at $64.00 per share and pre-funded warrants to purchase 400,000 shares at $63.999 per warrant. Those share counts include the underwriters' full exercise of an option for 1,171,875 additional shares. The debt side was $575 million aggregate principal amount of 1.5% convertible senior notes due 2032, including a $75 million overallotment option exercised in full.

Vaxcyte's Form 8-K (accession 0001193125-26-419174) records the same close date and states that net proceeds were about $544.3 million from the equity offering and about $558.7 million from the notes offering after discounts, commissions, and estimated expenses. The 8-K also shows the equity underwriting agreement priced a base 7,412,500 shares at $64.00 plus the 400,000 pre-funded warrants, with the additional-share option later exercised to reach the 8,584,375-share print in the company release.

Convertible terms in the filing

The notes pay 1.5% interest and mature in 2032. The 8-K lists an initial conversion rate of 11.1607 shares of common stock per $1,000 principal amount, or about $89.60 per share, with settlement in cash, shares, or a combination at Vaxcyte's election. Jefferies LLC and Leerink Partners LLC are named as representatives on both the equity and debt underwriting agreements dated Oct. 6, 2026. U.S. Bank Trust Company, National Association is the trustee under the Oct. 9 indenture.

The company release names Jefferies, Leerink Partners, BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, and Guggenheim Securities among joint bookrunners on the equity side, with overlapping bookrunners on the notes and J. Wood Capital Advisors as financial advisor on the note offering.

Where the proceeds are aimed

Vaxcyte said it intends to use net proceeds for clinical development of VAX-31 in adults and infants, including ongoing adult Phase 3 work (OPUS-2 and OPUS-3 enrolled) and a planned manufacturing consistency study; the enrolled infant Phase 2 dose-finding study; manufacturing scale-up and inventory ahead of a potential U.S. adult launch; medical affairs and commercial preparation; other early-stage vaccine candidates; and general corporate purposes.

BioPharma Watch's independent report framed the close as about $1.15 billion tied to VAX-31 funding for PCVX. TickerGrove separately covered Vaxcyte's earlier VAX-31 Phase 3 OPUS-1 clinical readout; this story is the Oct. 9 capital-markets close, not that trial result.

What readers should separate

Gross proceeds of about $1.15 billion come from the company release. Net proceeds of about $544.3 million (equity) and about $558.7 million (notes) come from the Form 8-K. Conversion mechanics and underwriting-agreement dates come from the 8-K. Use-of-proceeds program detail comes from the company release. The company did not disclose in these materials a new clinical efficacy readout, a commercial launch date, or final net proceeds after every post-close adjustment beyond the 8-K estimates.