UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01. | Other Events |
Underwriting Agreement
On April 18, 2023, Vaxcyte, Inc. (“Vaxcyte”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., Jefferies LLC, SVB Securities LLC, Evercore Group L.L.C. and Guggenheim Securities, LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale (the “Offering”) of 11,200,000 shares of its common stock, par value $0.001 per share, at a price to the public of $41.00 per share, and pre-funded warrants to purchase 1,000,000 shares of its common stock at a price to the public of $40.999 per pre-funded warrant, which is the price per share at which shares of common stock are being sold to the public in the Offering, minus $0.001. The exercise price of each pre-funded warrant will equal $0.001 per share and each pre-funded warrant will be exercisable from the date of issuance until fully exercised, subject to an ownership limitation. Pursuant to the Underwriting Agreement, the Underwriters have agreed to purchase the shares of common stock from Vaxcyte at a price of $38.85365 per share and the pre-funded warrants at a price of $38.85265 per pre-funded warrant. Vaxcyte also granted the Underwriters a 30-day option to purchase up to an additional 1,830,000 shares of common stock from Vaxcyte. All of the shares and pre-funded warrants in the Offering are being sold by Vaxcyte.
On April 19, 2023, the Underwriters notified Vaxcyte of their intent to exercise their option to purchase the additional shares in full. The net proceeds to Vaxcyte from the Offering, including the exercise by the Underwriters of their 30-day option to purchase additional shares, is expected to be $544.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Vaxcyte. The closing of the Offering is expected to occur on or about April 21, 2023, subject to satisfaction of customary closing conditions.
The Offering is being made pursuant to Vaxcyte’s effective registration statement on Form S-3 (Registration Statement No. 333-257622), as previously filed with the Securities and Exchange Commission and a related prospectus and prospectus supplement.
The Underwriting Agreement contains customary representations, warranties and covenants by Vaxcyte, customary conditions to closing, indemnification obligations of Vaxcyte and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, and were solely for the benefit of the parties to such agreement.
The Underwriting Agreement is filed as Exhibit 1.1 hereto and the form of pre-funded warrant is filed as Exhibit 4.1 hereto. The foregoing descriptions of the terms of the Underwriting Agreement and the pre-funded warrants are qualified in their entirety by reference to such exhibits hereto. A copy of the opinion of Cooley LLP relating to the legality of the issuance and sale of the securities in the Offering is attached as Exhibit 5.1 hereto.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 1.1 | Underwriting Agreement, dated April 18, 2023 | |
| 4.1 | Form of Pre-Funded Warrant | |
| 5.1 | Opinion of Cooley LLP | |
| 23.1 | Consent of Cooley LLP (contained in Exhibit 5.1) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| VAXCYTE, INC. | ||||||
| Date: April 19, 2023 | By: | /s/ Andrew Guggenhime | ||||
| Andrew Guggenhime | ||||||
| President and Chief Financial Officer | ||||||