Benzinga | Jul 20, 2021 10:14AM EDT

Pacific Biosciences To Buy DNA Sequencing Firm For Up To $800M, Announces $300M Capital Raise For Deal Funding

* Pacific Biosciences of California Inc (NASDAQ:PACB) has agreed to acquire Omniome, a San Diego-based company developing a short-read sequencing platform.

* Under the terms of the agreement, PacBio will acquire Omniome for an upfront payment of $600 million consisting of 9.4 million PacBio shares and $300 million in cash, plus an additional $200 million as milestone payments.

* PacBio has announced private placement of approximately 11.2 million shares at $26.75 per share in connection with the proposed acquisition, for gross proceeds of roughly $300 million.

* PacBio also announced preliminary revenue of approximately $30.5 million for Q2 of 2021, representing about 78% Y/Y growth versus a $29.9M estimate.

* The Company will release full Q2 financial results on August 3.

* Pacific Biosciences and Invitae Corporation (NYSE:NVTA) announced an intent to expand their multi-year collaboration to develop a production-scale high-throughput HiFi sequencing platform to include the sequencing technology developed by Omniome.

* Price Action: PACB shares are up 1.03% at $27.51 during the market session on the last check Tuesday.