London: Vaxcyte, 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 per cent discount to the stock’s close of $109.15 on Wednesday, when it dipped about 1 per cent .
A day earlier, its shares surged as much as 48 per cent 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 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)
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