Vaxcyte, Inc. (Nasdaq: PCVX) announced the pricing of concurrent public offerings totaling approximately $1 billion, comprising shares of common stock, pre-funded warrants, and convertible senior notes, according to a company statement.

The clinical-stage vaccine company priced 7,412,500 shares of common stock at $64.00 per share and pre-funded warrants to purchase 400,000 shares at $63.999 per warrant. Separately, Vaxcyte priced $500 million in aggregate principal amount of 1.50% convertible senior notes due 2032. Combined gross proceeds from both offerings are expected to reach approximately $1 billion before underwriting discounts, commissions, and other expenses.

Underwriters have a 30-day option to purchase up to an additional 1,171,875 shares of common stock and up to an additional $75 million in notes to cover over-allotments.

The convertible notes will mature on October 15, 2032, and carry an initial conversion price of approximately $89.60 per share, representing a 40% premium over the common stock offering price. The notes will bear interest at 1.50% per annum, payable semi-annually beginning April 15, 2027.

Vaxcyte said it intends to use net proceeds to fund clinical development of its VAX-31 pneumococcal vaccine candidate, manufacturing scale-up, commercial preparation for a potential U.S. adult launch, and general corporate purposes.

The offerings are expected to close on October 9, 2026, subject to customary closing conditions. The two offerings are independent of each other and neither is contingent on the completion of the other.

Jefferies, Leerink Partners, BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, and Guggenheim Securities are acting as joint book-running managers for the stock and warrant offering. Jefferies, Leerink Partners, BofA Securities, Goldman Sachs & Co. LLC, and Evercore ISI are serving as joint book-running managers for the note offering.