---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-283354"
form_type: "8-K"
ticker: "PCVX"
cik: "0001649094"
company_name: "Vaxcyte, Inc."
filed_at: "2023-11-27T23:59:59+00:00"
generated_at: "2026-06-07T21:29:52.189661+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Vaxcyte exercises option for manufacturing rights; pays $50M upfront

## Summary
- Exercised option on Nov 21, 2023; paid $50M cash; owes $25M within 6 months.
- Manufacturing Rights Agreement grants exclusive, perpetual, royalty-free license to manufacture Extract for vaccines.
- Up to $60M in additional milestone payments upon regulatory milestones.
- Amendments to License and Supply Agreements to ensure consistency with new agreement.
- Option allows Vaxcyte to directly source Extract from CMOs and independently develop improvements.

## SEC filing metadata
- accession: 0001193125-23-283354
- form_type: 8-K
- ticker: PCVX
- cik: 0001649094
- company_name: Vaxcyte, Inc.
- filed_at: 2023-11-27T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649094/000119312523283354/0001193125-23-283354-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649094/000119312523283354/d592234d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-283354
- JSON: https://secwatch.observer/filing/0001193125-23-283354.json
- Plain text: https://secwatch.observer/filing/0001193125-23-283354.txt

## Key facts
- Material Agreements
  Vaxcyte, Inc. entered into Manufacturing Rights Agreement with Sutro Biopharma, Inc. valued at $50 million (effective 2023-11-21).
  - Action: entry
  - Agreement: license
  - Counterparty: Sutro Biopharma, Inc.
  - Value: $50 million
  - Effective: 2023-11-21
  source text: (“Vaxcyte”) entered into an option grant agreement (the “Option Agreement”) with Sutro Biopharma, Inc. (“Sutro,” and together with Vaxcyte, the “Companies”), pursuant to which Vaxcyte acquired from Sutro (i) authorization to enter into an agreement with an independent alternate contract manufacturing organization (“CMO”) to directly source Sutro’s cell-free extract (“Extract”), allowing Vaxcyte to have direct oversight over financial and operational aspects of the relationship with the CMO; and (ii) a right, but not an obligation, to obtain certain exclusive rights to internally manufacture and/or source Extract from certain CMOs and the right to independently develop and make improvements to Extract (including the right to make improvements to the Extract manufacturing process as well as cell lines) for use in connection with the exploitation of certain vaccine compositions (the “Option
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649094/000119312523283354/0001193125-23-283354-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.