Vaxcyte, a preclinical biotech developing pneumococcal vaccines, announced terms for its IPO on Monday.
The Foster City, CA-based company plans to raise $210 million by offering 14 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Vaxcyte would command a fully diluted market value of $763 million.
Vaxcyte's lead candidate, VAX-24, is a 24-valent investigational pneumococcal conjugate vaccine designed to provide broad-spectrum coverage of Merck's Pneumovax 23 with an immunogenicity profile comparable to Pfizer's Prevnar 13. The company expects to advance VAX-24 into clinical trials in the 2H 2021.
Vaxcyte was founded in 2013 and plans to list on the Nasdaq under the symbol PCVX. BofA Securities, Jefferies and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2020.
