Pacific Biosciences IPO Priced At $16

Pacific Biosciences of California said its initial public offering will price at $16 a share, in the middle of the expected range. The company, which will trade under the ticker "PACB" will sell 12.5 million shares today, raising $200 million in proceeds. The company is also offering underwriters nearly 1.9 million shares to cover overallotments. Underwriters in the offering include J.P. Morgan JPM, Morgan Stanley MS, Deutsche Bank Securities DB, and Piper Jaffray PJC, according to the Associated Press. Pacific Biosciences specializes in genetic analysis with a focus on DNA sequencing.