Vaxcyte closes $575 million convertible notes sale and share offering
On October 9, 2026, Vaxcyte closed the sale of $575 million of 1.50% convertible senior notes due 2032, including an over-allotment option exercised in full, and a separate equity offering of 7,412,500 shares at $64.00 each plus pre-funded warrants. The filing reports net proceeds of approximately $558.7 million from the notes and $544.3 million from the equity offering, and notes that conversion of the notes would be settled in cash, shares, or a mix at Vaxcyte's election, which could dilute shareholders if shares are issued.
Key points
- Convertible notes: $575 million principal, 1.50% interest, maturing October 15, 2032, with an initial conversion price of approximately $89.60 per share
- Equity offering: 7,412,500 shares at $64.00 per share plus 400,000 pre-funded warrants, with a 1,171,875-share option exercised in full on October 7, 2026
- Approximate net proceeds: $558.7 million from the notes and $544.3 million from the equity offering, after underwriting discounts and expenses
- Both offerings were underwritten by Jefferies LLC and Leerink Partners LLC and closed on October 9, 2026
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 09, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.