Pacific Biosciences of California, which is developing a system that performs DNA sequencing using single molecule real-time technology, announced terms for its IPO on Tuesday. The Menlo Park, CA-based company plans to raise $200 million by offering 12.5 million shares at a price range of $15-$17. At the mid-point of the proposed range, Pacific Biosciences of California will command a market value of $895 million. Pacific Biosciences of California, which was founded in 2000 and has yet to generate product sales, plans to list on the NASDAQ under the symbol PACB. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal, for which timing was not disclosed.
