Public Equity Report: After stock bump from new data, Vaxcyte raises $1.5B

The IPO queue may be swelling, but the week’s most notable financing by a public company was Vaxcyte’s $1.5 billion follow-on, the year’s largest thus far and second only to Vaxcyte’s $862.5 million raise in January.

Vaxcyte Inc. (NASDAQ:PCVX) said late Wednesday that it had raised $1.3 billion in an offering that included 10.2 million shares and 2.4 million warrants, all priced at $103; with the exercise of the underwriters’ option late Friday, the offering grew to $1.5 billion. The biotech had proposed to raise $1 billion in an announcement after the bell Tuesday, when it had closed at $110.15 — up 36% from its previous finish...