Vaxcyte gains after $750 mln equity raise
31/01/2024 14:12
** Shares of Vaxcyte PCVX.O up 3.6% premarket to record
high $69.80 after vaccine maker raises equity
** Co late Tues announced pricing offering of ~11.7 mln
shares, including 781,250 pre-funded warrants, at $64, 5%
discount to last sale
** It had targeted raising approx $500 mln upon deal launch
after the bell Tues, sources say
** PCVX plans to use net offering proceeds to fund clinical
development and late-stage trials for its pneumonia vaccines
** PCVX's shares on Mon rose 6.5% after co said completed
enrollment in Phase I/II study for VAX-31 in adults over
50-years-old
** Co has ~95.15 mln shares outstanding for ~$6.4 bln market
cap
** Shares up 7% to start 2024 and up ~52% over the past year
through Tues Stock had set intra-day record high of $68.73 on
Mon
** BofA, Jefferies, Leerink, Evercore, Guggenheim and Cantor
Fitzgerald acting as jt bookrunners for stock offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))