Pacific Biosciences Closes Acquisition of Omniome and Establishes San Diego Presence
September 20 2021 - 4:05PM
Pacific Biosciences of California, Inc. (Nasdaq: PACB)(“Pacific
Biosciences” or “PacBio”), a leading provider of high-quality,
long-read sequencing platforms, and Omniome, a San Diego-based
biotechnology company developing a proprietary and highly
differentiated short-read sequencing platform capable of delivering
increased sequencing accuracy, announced today the companies have
closed the transaction under which Pacific Biosciences acquired
Omniome. With this acquisition, we believe PacBio will be uniquely
positioned as the only company with both highly accurate
long-read and short-read sequencing platforms.
Omniome’s platform, Sequencing by Binding (SBB®), has
fundamental advantages over other technologies and the potential to
deliver higher sensitivity at a lower cost to unlock new markets.
Omniome developed the chemistry because clinical applications
require a level of accuracy that is difficult to achieve with
current sequencing technologies.
“We believe our combined teams and technology can transform the
genomics landscape by delivering a differentiated set of products
and applications across a broad spectrum of markets, including the
high growth clinical market,” said Christian Henry, President and
CEO of PacBio. “In the 60 days since announcing this deal, the
Omniome team has continued to make progress on the development of
their highly differentiated and accurate short-read sequencing
platform which we believe has the potential to advance cancer
diagnostics, drive higher fidelity for single-cell applications,
and broadly enable clinical sequencing. We are pleased with their
momentum and look forward to releasing this product to customers in
the near future.”
Building on the deep expertise of the PacBio team in its Bay
Area global headquarters, this transaction adds a new location for
PacBio in San Diego. Please visit the Careers section of our
website to view our 100+ current openings and apply today.
Transaction Terms
As previously disclosed, the merger consideration included cash
and shares of Pacific Biosciences common stock as well as
additional consideration upon the achievement of a specified
milestone. Total consideration paid by PacBio at closing
consisted of approximately $316 million in cash, including
adjustments for Omniome’s indebtedness and working capital, and
approximately 9.4 million shares of Pacific Biosciences common
stock. Of the 9.4 million shares of common stock issuable as part
of the transaction, 8.8 million shares were issued at the close of
the transaction with the remaining 0.6 million shares attributable
to stock options issued by PacBio in replacement of Omniome’s
unvested options as part of the transaction. Subject to the
terms of the Merger Agreement and the achievement of a specified
milestone, the former holders of Omniome’s outstanding equity
interests will also be entitled to receive $200 million (composed
of approximately $100 million in cash and the rest in shares of
Pacific Biosciences common stock).
Financing Activities – Closing of Private
Placement
In connection with the completed acquisition, PacBio sold
approximately 11.2 million shares of PacBio common stock in a
private placement transaction at a price of $26.75 per share, for
aggregate gross proceeds to PacBio of approximately $300 million,
to a premier syndicate of life sciences investors.
About Pacific BiosciencesPacific Biosciences of
California, Inc. (NASDAQ: PACB) is empowering life scientists with
highly accurate long-read sequencing. The company’s innovative
instruments are based on Single Molecule, Real-Time (SMRT®)
Sequencing technology, which delivers a comprehensive view of
genomes, transcriptomes, and epigenomes, enabling access to the
full spectrum of genetic variation in any organism. Cited in
thousands of peer-reviewed publications, PacBio® sequencing systems
are in use by scientists around the world to drive discovery in
human biomedical research, plant and animal sciences, and
microbiology. For more information, please
visit www.pacb.com and follow @PacBio.
PacBio products are provided for research use
only. Not for use in diagnostic procedures.
Forward-Looking Statements This press release
may contain “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and
the U.S. Private Securities Litigation Reform Act of 1995,
including statements relating to the benefits of the acquisition of
Omniome, including market opportunity expansion and accelerated
adoption of SMRT sequencing; the potential use of SMRT sequencing
technology; the applications, insights, and attributes of SMRT
sequencing technology; the only company to have both long and short
read sequencing technologies; the fundamental advantages of SBB
over other technologies, including the potential to deliver higher
sensitivity at a lower cost to unlock new markets and to advance
cancer diagnostics, drive higher fidelity for single-cell
applications and broadly enable clinical sequencing; the potential
ability of a combined product portfolio to deliver a differentiated
set of products and applications across a broad spectrum of
markets, including the clinical market; expectations regarding the
timing of new product releases, including short-read products; the
potential for additional payments to Omniome’s former holders upon
the achievement of specified milestones; the benefits of PacBio
sequencing; and other future events. Readers are cautioned not to
place undue reliance on these forward-looking statements and any
such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All
forward-looking statements speak only as of the date of this press
release and are based on current expectations and involve a number
of assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
Readers are strongly encouraged to read the full cautionary
statements contained in the Company’s filings with the Securities
and Exchange Commission, including the risks set forth in the
company’s Forms 8-K, 10-K, and 10-Q. The Company disclaims any
obligation to update or revise any forward-looking statements.
Contacts
Investors:Todd Friedman+1 (650)
521-8450ir@pacificbiosciences.com
Media:Jen Carroll+1 (858) 449-8082pr@pacificbiosciences.com
Pacific Biosciences of C... (NASDAQ:PACB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pacific Biosciences of C... (NASDAQ:PACB)
Historical Stock Chart
From Apr 2023 to Apr 2024