San Carlos, California-based Vaxcyte (Nasdaq: PCVX) commenced underwritten public offerings totaling USD 1 billion on October 5, 2026, comprising USD 500 million of common stock and pre-funded warrants and USD 500 million of convertible senior notes due 2032. The company said proceeds will support clinical development and manufacturing of its 31-valent pneumococcal conjugate vaccine candidate VAX-31, preparations for a potential US adult launch, early-stage research, and general corporate purposes.
The financing was announced the same day Vaxcyte reported positive topline results from the pivotal Phase III OPUS-1 trial of VAX-31 in adults. The study met all prespecified primary immunogenicity and safety endpoints, with all 28 VAX-31 serotypes shared with Prevnar 20 and/or Capvaxive meeting the prespecified noninferiority criterion in adults aged 50 and older, while the three serotypes unique to VAX-31 and cross-reactive serotype 20B met the superiority criterion. VAX-31 demonstrated a safety profile similar to the comparator vaccines.
Vaxcyte is advancing VAX-31 through a broader Phase III adult program that includes the OPUS-2 study of concomitant administration with seasonal influenza vaccine, OPUS-3 in previously vaccinated adults, and a planned manufacturing consistency study. Results from OPUS-2 and OPUS-3 are expected in H1 2027, with a BLA submission planned for H1 2028. A Phase II infant dose-finding study is also underway.
The company said proceeds from the offerings will additionally support manufacturing scale-up and inventory build ahead of a potential initial US adult launch, as well as medical affairs and commercial readiness.
The convertible notes are senior unsecured obligations due October 15, 2032. Vaxcyte expects to give underwriters 30-day options to purchase up to an additional USD 75 million of common stock and USD 75 million of notes, potentially increasing aggregate proceeds to USD 1.15 billion.