Pacific Biosciences slips on upsized $175 mln equity raise

Pacific Biosciences of California

25/01/2023 13:43

** Pacific Biosciences of California Inc's  PACB.O  shares
down 3% at $10.51 premarket after overnight follow-on prices
    ** Gene-sequencing firm sells 17.5 mln shares at $10, 7.7%
discount to last sale
    ** Deal size increased from $150 mln
    ** Co plans to use net proceeds for R&D, commercial
infrastructure expansion, working capital, potential
acquisitions
    ** Prior to equity raise, co had ~226 mln shares outstanding
for ~$2.5 bln market cap
    ** Goldman Sachs, Morgan Stanley, Cowen and Allen & Co jt
bookrunners for offering
    ** Through Tues close, PACB up ~33% YTD and up ~154% over
the past six months
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))