Pacific Biosciences of California, Inc. Announces Pricing of Public Offering of Common Stock
November 11 2020 - 12:20AM
Pacific Biosciences of California, Inc. (Nasdaq: PACB) (“Pacific
Biosciences” or the “Company”) today announced that it has priced
its previously announced underwritten public offering of an
aggregate of 7,400,460 shares of its common stock at a price to the
public of $14.25 per share. Pacific Biosciences is offering
6,096,112 shares of its common stock in the offering, and the
selling stockholder is offering 1,304,348 shares of the Company’s
common stock in the offering. The offering is expected to close on
or about November 13, 2020 subject to satisfaction of customary
closing conditions. Pacific Biosciences also granted the
underwriters a 30-day option to purchase up to an additional
914,416 shares of its common stock at the public offering price,
less underwriting discounts and commissions, and the selling
stockholder granted the underwriters a 30-day option to purchase up
to an additional 195,652 shares of the Company’s common stock at
the public offering price, less underwriting discounts and
commissions. Before deducting the underwriting discount and
estimated offering expenses payable by the Company, the Company
expects to receive gross proceeds of approximately $86.9 million,
assuming no exercise of the underwriters’ option to purchase
additional shares.
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.
A shelf registration statement relating to the
shares of common stock was filed with the Securities and Exchange
Commission (the “SEC”) on November 10, 2020 and became
automatically effective upon filing. A preliminary prospectus
supplement and accompanying prospectus relating to the offering
were filed with the SEC on November 10, 2020. A final prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the SEC’s
website. Copies of the final prospectus supplement (when available)
and accompanying prospectus may be obtained from Morgan Stanley
& Co. LLC, Prospectus Department, 180 Varick Street, Second
Floor, New York, NY 10014 or Cowen and Company, LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717,
Attn: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926.
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 forming a part of the effective
registration statement.
About Pacific Biosciences
Pacific 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.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements involve risks and uncertainties that could cause actual
results to differ materially, including, but not limited to,
whether or not Pacific Biosciences will be able to consummate the
offering of common stock described herein, including due to the
satisfaction of customary closing conditions and prevailing market
conditions, the anticipated use of the proceeds of the offering
which could change as a result of market conditions or for other
reasons, and the impact of general economic, industry or political
conditions in the United States or internationally. Additional
risks and uncertainties relating to the proposed offering, Pacific
Biosciences and its business can be found under the heading “Risk
Factors” in Pacific Biosciences’ most recent periodic, quarterly
and annual reports filed with the SEC and in the preliminary
prospectus supplement and accompanying prospectus relating to the
offering to be filed with the SEC. Pacific Biosciences assumes no
duty or obligation to update or revise any forward-looking
statements for any reason.Contact:Investors:
Trevin Rard 650.521.8450ir@pacificbiosciences.com
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