Menlo Park, California, USA
January 24,2023
Pacific Biosciences of California, Inc. (Nasdaq: PACB) ("PacBio") today announced that it intends to offer and sell $150.0 million of shares of its common stock in an underwritten public offering. PacBio also intends to grant the underwriters a 30-day option to purchase up to an additional $22.5 million of shares of its common stock, at the public offering price, less underwriting discounts and commissions. The proposed 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.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Allen & Company LLC are acting as Joint Book Running managers for the offering.
PacBio intends to use the net proceeds from the offering for research and development, commercial infrastructure expansion and working capital and general corporate purposes. PacBio may also use a portion of the net proceeds from this 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.
The securities described above are being offered pursuant to a shelf registration statement filed by PacBio with the Securities and Exchange Commission ("SEC") that became automatically effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying prospectus may be obtained from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: (866) 471-2526, facsimile: 212-902-9316 or by emailing prospectusny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649 or by emailing prospectus@morganstanley.com; or Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, telephone: (833) 297-2926 or by emailing Prospectus_ECM@cowen.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus.
Pacific Biosciences of California, Inc. announces pricing of upsized public offering of common stock
Pacific Biosciences of California, Inc. (Nasdaq: PACB) ("PacBio") today announced that it has priced its previously announced underwritten public offering of 17,500,000 shares of its common stock at a price to the public of $10.00 per share. PacBio has granted the underwriters a 30-day option to purchase up to an additional 2,625,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares are to be sold by PacBio. Before deducting the underwriting discount and estimated offering expenses payable by PacBio, PacBio expects to receive gross proceeds of approximately $175.0 million, assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about January 27, 2023 subject to satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Allen & Company LLC are acting as Joint Book Running managers for the offering.
PacBio intends to use the net proceeds from the offering for research and development, commercial infrastructure expansion and working capital and general corporate purposes. PacBio may also use a portion of the net proceeds from this 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.
PacBio filed a shelf registration statement relating to the shares of common stock with the Securities and Exchange Commission (the "SEC") on November 10, 2020, which became automatically effective upon filing and has filed a preliminary prospectus supplement and accompanying prospectus relating to the offering with the SEC on January 24, 2023. A final prospectus supplement and accompanying prospectus relating to the offering will also be filed with the SEC and will be available on the SEC’s website. When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: (866) 471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649 or by emailing prospectus@morganstanley.com; or Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, telephone: (833) 297-2926 or by emailing Prospectus_ECM@cowen.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus.
About PacBio
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier life science technology company that is designing, developing, and manufacturing advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems.
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