Pacific Biosciences to raise up to $230 mln in IPO

Wed, 10/06/2010 - 3:32am

The Menlo Park, California-based company expects to offer 12.5 million shares at $15-$17 each, with an over-allotment option of 1.9 million shares, it said in an amended filing.

The life sciences company, which designs machines to speed up DNA sequencing in labs, sees net proceeds of $182.5 million, assuming the offering priced at $16 per share, the mid-point of the range.

The company plans to invest about $60-$70 million of the proceeds in its technology platform called single molecule, real-time, or SMRT technology.

Pacific Biosciences initially filed for an IPO in August. The amended filing detailed the expected pricing of the common stock sale. [ID:nSGE67F0JN]

JP Morgan, Morgan Stanley, Deutsche Bank and Piper Jaffray are underwriting the IPO, the company said.

Pacific Biosciences plans to list its shares under the ticker symbol "PACB" on Nasdaq.



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