What’s Going on with Pacific Biosciences?
California-based sequencing technology company Pacific Biosciences (PACB) announced today that it has entered into a definitive merger agreement to acquire the biotechnology firm Omniome, headquartered in San Diego. Pre-market, PACB stock nudged upward by 2.42%, hitting $27.89 per share.
What Does This Mean for PACB?
Pacific Biosciences plans on purchasing Omniome in a cash and stock transaction. The deal involves an upfront consideration of about $600 million “consisting of 9.4 million shares of PacBio common stock and $300 million in cash,” according to an official company statement. A further $200 million in cash is on the table, plus additional stock payable “in connection with the achievement of certain milestones,” which will boost the transaction up to approximately $800 million.
“The acquisition of Omniome is completely aligned with PacBio’s mission of enabling the promise of genomics to better human health,” PacBio CEO Christian Henry explained. “Adding Omniome’s short-read sequencing technology to our long-read portfolio will not only enable us to expand our total market opportunity, but we believe will also further accelerate the adoption of SMRT Sequencing as we expect to reach more customers with a deeper product offering.”
PACB has a Fundamental Rank of 77. Find out what this means to you and get the rest of the rankings on PACB!
Pacific Biosciences of California Inc is a biotechnology company focused on the design, development, and commercialization of tools for biological research. The company develops sequencing systems to assist in resolving genetically complex problems. Its sequencing systems provide access to a wide range of applications and are designed for expandable improvements to performance capability. The majority of the company's revenue is derived from North America, followed by Asia and Europe.
