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Pacific Biosciences Launches $86.9M Stock Offering

NEW YORK – Pacific Biosciences on Wednesday morning priced a public offering of common stock that it expects will bring in at least $86.9 million in gross proceeds to the firm.

The Menlo Park, California-based single molecule sequencing technology company is offering 6,096,112 shares of common stock at $14.25 per share. PacBio also granted the underwriters of the offering a 30-day option to purchase up to an additional 914,416 shares of its common stock at the public offering price.

In addition, the firm is selling 1,304,348 shares of common stock at the same offering price on behalf of a selling shareholder. PacBio will receive no proceeds from the sale of those shares. The underwriters have been offered a 30-day option by the selling shareholder to purchase up to an additional 195,652 shares.

Morgan Stanley and Cowen are joint book-running managers for the offering, while Cantor is also serving as a book-running manager.

PacBio said it intends to use proceeds from the offering to support additional product launches and research and development efforts; expand its commercial infrastructure; and for general corporate purposes. It added that it may use a portion of the funds to acquire or invest in complementary businesses, technologies, product candidates, or other intellectual property.

The offering comes just a few months after PacBio raised around $93.6 million from an offering of common stock, after underwriters exercised their option in full to acquire additional shares in the offering.

Last week the firm reported that its third quarter revenues decreased 13 percent, driven by lower instrument sales due to the COVID-19 pandemic, partially offset by increased consumables sales.

On a conference call following the release of the Q3 results, new CEO Christian Henry and new CFO Susan Kim highlighted PacBio's three core objectives for 2021: expanding commercial reach, primarily by expanding the sales team; pushing product development by improving Sequel II sample preparation and sequencing chemistries; and driving PacBio's sequencing into more clinical diagnostic applications.

In early Wednesday trade on the Nasdaq, shares of PacBio were up 10 percent at $16.11.


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