Vaxcyte, Inc. (NASDAQ: PCVX) surges around 2% in early trading session on Thursday as the firm releases the pricing of an underwritten public offering of common stock and pre-funded warrants. A clinical-stage vaccine innovation company is selling 15,000,000 shares of common stock and pre-funded warrants to purchase 3,750,000 shares of common stock in the offering.

The pre-funded warrants are being offered at a public offering price of $31.999 per underlying share, while the shares of ordinary stock are being sold at a public offering price of $32.00 per share. Before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of any pre-funded warrants, the total gross proceeds to Vaxcyte from this offering are projected to be approximately $600.0 million.

Vaxcyte will sell all shares of common stock and pre-funded warrants in the offering. The underwriters have been granted a 30-day option to acquire up to an additional 2,812,500 shares of Vaxcyte’s common stock at the public offering price per share, less underwriting discounts and fees.

The offering is projected to conclude on October 28, 2022, subject to normal closing conditions being met. The offering’s joint book-running managers are BofA Securities, Jefferies, SVB Securities, Evercore ISI, and Guggenheim Securities. Cantor is serving as the offering’s lead manager. The offering is co-managed by Needham & Company and BTIG.

Vaxcyte, Inc. (PCVX) has begun an underwritten public offering of common shares and pre-funded warrants. Vaxcyte will sell all shares of common stock and pre-funded warrants in the offering. Vaxcyte proposes to award the underwriters a 30-day option to acquire up to 15% of the shares of common stock issued in the public offering. The offering is subject to market and other conditions, and there is no guarantee as to whether or when it will be completed, or as to the exact size or terms of the offering.

The offering’s joint book-running managers are BofA Securities, Jefferies, SVB Securities, Evercore ISI, and Guggenheim Securities. Cantor is serving as the offering’s lead manager. The offering is co-managed by Needham & Company and BTIG.