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BUZZ - Vaxcyte shares dip slightly after raising 1 billion dollars for pneumococcal vaccine development

BUZZ - Vaxcyte shares dip slightly after raising 1 billion dollars for pneumococcal vaccine development

路透社路透社2026/10/07 11:14
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On October 7: Vaxcyte (PCVX.O) shares fell 0.3% in premarket trading on Wednesday to $66.50, after the company completed a $1.1 billion financing round. On Tuesday night, PCVX announced the pricing (link) of approximately 7.8 million shares of common stock and pre-funded warrants at $64 per share, raising $500 million in total; simultaneously, the company launched a public offering of $500 million of convertible senior notes with a coupon rate of 1.5%, maturing on October 15, 2032. The conversion price of the convertible notes is $89.60, representing a 40% premium over the equity offering price. On Monday, PCVX shares surged around 31% after the company announced that its pneumococcal vaccine VAX-31 met all primary endpoints in late-stage clinical trials (link), generating an immune response at least comparable to that of Pfizer’s Prevnar 20 (PFE.N) and Merck’s Capvaxive (MRK.N). On Tuesday, following the launch of the public offering (link), the stock closed down nearly 10% at $66.70. PCVX plans to use the net proceeds from this offering to fund clinical development of the VAX-31 adult and pediatric programs, including the ongoing adult Phase III clinical trial of VAX-31. Jefferies, Leerink, BofA, Evercore, Goldman Sachs, and Guggenheim are joint book-running managers for the equity offering; Jefferies, Leerink, BofA, Goldman Sachs, and Evercore act as lead managers for the convertible notes transaction. As of Tuesday’s close, PCVX shares are up about 45% year-to-date.

- ** Vaxcyte (PCVX.O) shares fell 0.3% to $66.50 in pre-market trading on Wednesday after the company completed a $1 billion financing

** PCVX announced Tuesday evening (link) that it priced approximately 7.8 million shares of common stock and pre-funded warrants at $64 per share, raising a total of $500 million; at the same time, it launched a public offering of $500 million in convertible bonds with a coupon rate of 1.5%, which will mature on October 15, 2032

** The conversion price of the convertible bonds is $89.60, representing a 40% premium to this stock offering price

** On Monday, PCVX shares surged about 31% after the company announced that its pneumococcal vaccine VAX-31 met all primary endpoints in late-stage clinical trials (link), and produced immune responses at least comparable to Pfizer's PFE.N Prevnar 20 and Merck's MRK.N Capvaxive

** On Tuesday, after the company launched (link) the public offerings, the stock closed down nearly 10% at $66.70

** The company plans to use the net proceeds from this offering to fund clinical development of the VAX-31 adult and pediatric programs, including the ongoing VAX-31 adult Phase III clinical trial

** Jefferies, Leerink, BofA Securities, Evercore, Goldman Sachs, and Guggenheim acted as joint book-running managers for the equity offering; Jefferies, Leerink, BofA Securities, Goldman Sachs, and Evercore served as lead underwriters for the convertible bonds

** As of Tuesday's close, PCVX shares were up approximately 45% year-to-date


(To assist non-English speakers, Reuters provides its reports automatically translated into several other languages. Automated translation may contain errors or lack necessary context, and Reuters does not guarantee the accuracy of the automated text. It is provided for convenience only. Reuters does not accept any responsibility for damage or losses resulting from the use of this automated translation feature.)

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华尔街见闻•2026/10/08 05:57

In September, Japanese investors withdrew from foreign bond markets for the second consecutive month.

Reuters, October 8 – In September, Japanese investors became net sellers of foreign bonds for the second consecutive month, driven by rising borrowing costs in the US and Europe, as well as increasingly attractive domestic yields that prompted them to withdraw from overseas bond markets. Data released by Japan's Ministry of Finance on Tuesday showed that Japanese investors were net sellers of 969 billion yen ($613 million) in foreign bonds last month, which was lower than the previous month's net sales of 1.16 trillion yen. They net sold 1.43 trillion yen in long-term foreign currency bonds—a six-month high—while purchasing about 457 billion yen in short-term notes. The increase in Japanese interest rates is beginning to attract some of the country's vast overseas investments back home, marking a significant shift in global capital flows. Year to date, Japanese investors have net sold about 5.08 trillion yen in foreign bonds, the highest since 2022. This capital outflow could support the yen’s exchange rate and put pressure on bond markets that have long considered Japan a major buyer. Soaring energy costs have heightened inflation concerns, prompting the Federal Reserve (FED) and the European Central Bank to raise interest rates in September, which has further pressured global bond markets. Earlier this week, Japan's benchmark 10-year government bond yield rose to 3.122%, its highest in 30 years, increasing the appeal of domestic bonds. In September, led by the Bank of Japan, Japanese institutions sold a net 2.49 trillion yen in long-term foreign bonds, a seven-month high. Life insurance companies and investment trust managers also recorded net sales of 288.6 billion yen and 200.1 billion yen respectively. However, trust accounts net purchased 1.2 trillion yen in long-term foreign currency bonds, highlighting divergent investment strategies among Japanese institutional investors. Another Bank of Japan report showed that in the first eight months of this year, Japanese investors net sold 4.74 trillion yen in US Treasuries, while net purchasing 355.85 billion yen in European bonds. Within Europe, Japanese investors net bought 329.82 billion yen in Italian bonds, while net selling 208.59 billion yen and 94.25 billion yen in French and German bonds, respectively. (1 US dollar = 158.1400 yen)

路透社•2026/10/08 05:26
In September, Japanese investors withdrew from foreign bond markets for the second consecutive month.