Pacific Bio (PACB) Prices 7.4M Share Common Offering at $14.25/Sh

Pacific Biosciences of California, Inc. (NASDAQ: PACB) 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.

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