Pacific Biosciences of California, Inc. (Nasdaq: PACB), a biotechnology company, announced on Tuesday that it has priced its earlier announced underwritten public offering of 17,500,000 shares of its common stock.

The shares are priced at USD10 per share.

The company has granted the underwriters a 30-day option to buy up to an additional 2,625,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The firm will sell all of the shares. It expects to receive gross proceeds of around USD175m, assuming no exercise of the underwriters' option to purchase additional shares, prior to deducting the underwriting discount and estimated offering expenses payable by the company. The offering is likely to be completed on or around 27 January 2023 subject to satisfaction of customary closing conditions. The Joint Book Running managers for the offering are Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Allen & Company LLC.

The company aims to use the net proceeds from the offering for research and development, commercial infrastructure expansion and working capital and general corporate purposes. It is also likely to use a part of the net proceeds from this offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property, although it said that it has no present commitments or contracts to do so.