MENLO
PARK, Calif., Jan. 24,
2023 /PRNewswire/ -- 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.
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
PacBio 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, PacBio and its business can be found under
the heading "Risk Factors" in PacBio's most recent current,
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.
PacBio assumes no duty or obligation to update or revise any
forward-looking statements except as required by law.
Contact:
Investors: Todd
Friedman
650.521.8450
ir@pacb.com
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SOURCE Pacific Biosciences of California, Inc.