Vaxcyte to raise $1.3 bln from shares, warrants sale after stock's surge to record high
Sept 5 (Reuters) -Vaxcyte PCVX.O, a clinical-stage vaccine developer, will raise $1.3 billion in gross proceeds by selling common stock and warrants, it said late on Wednesday, a day after its shares surged to a record high on promising results in a vaccine trial.
The company said it would sell 10.2 million shares at $103 each and warrants to buy another 2.4 million shares at $102.999 per warrant.
The prices are a roughly 5.6% discount to the stock's close of $109.15 on Wednesday, when it dipped about 1%.
A day earlier, its shares surged as much as 48% to a record high after Vaxcyte said its experimental pneumococcal vaccine showed promising results in an early-stage study, with a safety profile similar to Pfizer's PFE.N Prevnar 20 shot.
Vaxcyte, which does not have any approved product on the market, is working to develop vaccines to prevent or treat a broad range of bacterial infectious diseases.
The company said the stock-and-warrant offering is expected to close on Thursday, Sept 6.
BofA Securities, Jefferies, Leerink Partners, Goldman Sachs, Evercore ISI, Guggenheim Securities and Mizuho are the joint book-runners for the offering.
Reporting by Harshita Meenaktshi in Bengaluru; Editing by Savio D'Souza
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
