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Pacific Biosciences to Raise $175M in Public Stock Offering

NEW YORK – Pacific Biosciences said on Wednesday that it is selling 17.5 million shares of its common stock at a price of $10 per share in an underwritten public offering for expected net proceeds of $175 million.

The firm said in a statement that it intends to use the proceeds for R&D, commercial expansion, and working capital and general corporate purposes.

Goldman Sachs, Morgan Stanley, Cowen, and Allen & Company are acting as joint bookrunning managers for the offering.

PacBio will grant the underwriters a 30-day option to purchase up to an additional 2.6 million shares of its common stock at the offering price, less underwriting discounts and commissions.

The offering is expected to close on or around Jan. 27, subject to customary closing conditions.

Menlo Park, California-based PacBio sold approximately 11.2 million shares in a private investment in public equity (PIPE) financing in 2021 to fund its acquisition of Omniome.

It also raised approximately $170 million between two stock offerings in 2020.

In Wednesday morning trading on the Nasdaq, shares of PacBio were flat at $10.84.