Vax­cyte to raise $500M from stock of­fer­ing for PhI­II study of pneu­mo­coc­cal vac­cine

Vax­cyte is set to raise $500 mil­lion via a stock sale to fund its work on a pneu­mo­coc­cal vac­cine it hopes can sup­plant Pfiz­er’s Pre­vnar 20.

The San Car­los, CA biotech plans to use the mon­ey to fund the Phase III pro­gram in old­er adults for VAX-24, its 24-va­lent pneu­mo­coc­cal vac­cine that has each of the the 20 serotypes in Pre­vnar 20, plus four more. It al­so plans to build up its man­u­fac­tur­ing process and ca­pac­i­ty for an ini­tial launch of the vac­cine, ac­cord­ing to an SEC prospec­tus.

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