Pacific Biosciences of California (PACB) to Offer ~1.3M Shares

Pacific Biosciences of California, Inc. (Nasdaq: PACB) today announced that it intends to offer and sell $85.0 million of shares of its common stock and a selling stockholder intends to offer 1,304,348 of common stock shares in an underwritten public offering. Pacific Biosciences also intends to grant the underwriters a 30-day option to purchase up to an additional $12.75 million of shares of its common stock, and the selling stockholder also intends to grant the underwriters a 30-day option to purchase up to an additional 195,652 shares of its common stock, at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Morgan Stanley and Cowen are acting as joint book-running managers for the offering. Cantor is also acting as a book-running manager for the offering.

Pacific Biosciences intends to use the net proceeds from the offering for (i) additional product launches and research and development, (ii) commercial infrastructure expansion and (iii) general corporate purposes. Pacific Biosciences may also use a portion of the net proceeds from the offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property, although it has no present commitments or agreements to do so. Pacific Biosciences will not receive any proceeds from the sale of shares in the offering by the selling stockholder.

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