RTTNews | Jul 20, 2021 07:52AM EDT

07:51 Tuesday, July 20, 2021 (RTTNews.com) - Pacific Biosciences of California, Inc. (PACB), a provider of high-quality, long-read sequencing platforms, Tuesday reported preliminary second-quarter revenue of around $30.5 million, a growth of around 78 percent from last year.

The company also announced a deal to acquire Omniome for upfront consideration of approximately $600 million. The consideration consists of 9.4 million shares of PacBio common stock and $300 million in cash.

The overall transaction is valued at approximately $800 million, including an additional $200 million in cash and stock payable in connection with the achievement of certain milestones.

The acquisition has been unanimously approved by the Boards of Directors of both companies. The deal is expected to close later this quarter, subject to customary closing conditions and regulatory approvals.

Omniome is a San Diego-based developer of highly differentiated, proprietary short-read sequencing platform capable of delivering high accuracy.

Pacific Biosciences expects the integration of the complementary technologies will enable it to dramatically expand its market opportunity for sequencing in novel ways.

In connection with the proposed acquisition, PacBio has entered into a definitive agreement to sell approximately 11.2 million shares of PacBio common stock in a private placement transaction at a price of $26.75 per share.

The aggregate gross proceeds to the Company would be around $300 million, with commitments from a premier syndicate of life sciences investors. The closing is subject to customary closing conditions, as well as the closing of the Omniome acquisition.

The company is expected to release its full financial results for the second quarter on August 3, 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3210258/pacific-biosciences-q2-revenues-climb-to-buy-omniome-in-800-mln-deal.aspx)

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