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.
Renew Biotechnologies names new chief operating officer
Teva, Sanofi accelerate inflammatory bowel disease drug trial
Ro adds David B Allison to Advisory Board
Charles River Laboratories and Autobahn Labs forge alliance to boost academic drug discovery
Nkarta partnering with Columbia on investigator-led lupus trial for NKX019
Gilead's lenacapavir demonstrates 100% efficacy in HIV prevention trial
Anixa Biosciences' ovarian cancer CAR-T therapy individual patient IND receives FDA approval
Evergreen Nephrology names new director
Emmaus Life Sciences names new chief executive officer
FDA feedback boosts Diamyd Medical's pathway to accelerated approval for Type 1 Diabetes Therapy
TC BioPharm (Holdings) doses sixth patient in TCB-008 clinical trial
Caidya names new chief executive officer
Ionis Pharmaceuticals reports positive results for ION582 in Angelman syndrome study
Nuvalent launches HEROEX-1 trial for HER2-selective inhibitor NVL-330
Astellas and Osaka University collaborate on stem cell therapy for disc degeneration