Pacific Biosciences Announces Agreement With Roche Diagnostics to Develop and
Supply DNA Sequencing-Based Products for Clinical Diagnostics
MENLO PARK, Calif., Sept. 25, 2013 (GLOBE NEWSWIRE) -- Pacific Biosciences of
California, Inc., (Nasdaq:PACB), provider of the PacBio^® RS II DNA Sequencing
System, today announced that it has entered into an agreement with Roche
Diagnostics to develop diagnostic products, including sequencing systems and
consumables, based on Pacific Biosciences' Single Molecule, Real-Time (SMRT^®)
technology. Pacific Biosciences will develop and manufacture certain products
intended for clinical use, which it will sell exclusively to Roche. Roche
obtained worldwide rights to exclusively distribute these products in the
field of human in vitro diagnostics. Pacific Biosciences will continue to
market its current and future products for all fields outside of human in
vitro diagnostics, including research, plant, animal, and applied markets.
Commenting on the agreement, Dan Zabrowski, Head of the Sequencing Unit at
Roche said, "We see great potential in Pacific Biosciences' sequencing
technology for the development of future clinical sequencing applications.
Sequencing will be a key technology in addressing the strong and growing
demand for genetic and genomic solutions in the clinic. We are looking forward
to this partnership to accelerate and support the transition of DNA sequencing
into routine diagnostics through our joint development efforts."
"We are delighted to have Roche as our in vitro diagnostics partner," stated
Mike Hunkapiller, President and Chief Executive Officer of Pacific
Biosciences. "As a world leader in in vitro diagnostics, Roche brings valuable
expertise in designing products for clinical use and obtaining regulatory
approvals to sell clinical products in the U.S. and around the world. We
believe the combination of our SMRT Sequencing technology with Roche's market
position and expertise in diagnostics will allow accelerated commercial
success for both companies."
Under the agreement, Pacific Biosciences will receive an upfront payment of
$35 million and expects to receive an additional $40 million in funding tied
to development milestones. Once the development programs are completed,
Pacific Biosciences expects to also receive income from the manufacture and
supply of instrument, software, and certain consumable products that Roche
will market and distribute for clinical use in combination with its assay
Perella Weinberg Partners acted as the exclusive financial advisor to Pacific
Biosciences for this transaction.
Management will host a conference call to discuss the announcement today at
12:00pm Eastern Time / 9:00am Pacific Time. Investors may listen to the call
by dialing 888.366.7247, or if outside the U.S., by dialing 707.287.9330. The
call will be webcast live and will be available for replay at Pacific
Biosciences' website at http://investor.pacificbiosciences.com/.
About Pacific Biosciences
Pacific Biosciences of California, Inc. (Nasdaq:PACB) offers the PacBio^® RS
II DNA Sequencing System to help scientists solve genetically complex
problems. Based on its novel Single Molecule, Real-Time (SMRT^®) technology,
the company's products enable: targeted sequencing to more comprehensively
characterize genetic variations; de novo genome assembly to more fully
identify, annotate and decipher genomic structures; and DNA base modification
identification to help characterize epigenetic regulation and DNA damage. By
providing access to information that was previously inaccessible, Pacific
Biosciences enables scientists to increase their understanding of biological
systems. More information is available at www.pacb.com.
Headquartered in Basel, Switzerland, Roche is a leader in research-focused
healthcare with combined strengths in pharmaceuticals and diagnostics. Roche
is the world's largest biotech company, with truly differentiated medicines in
oncology, infectious diseases, inflammation, metabolism and neuroscience.
Roche is also the world leader in in vitro diagnostics and tissue based cancer
diagnostics, and a frontrunner in diabetes management. Roche's personalized
healthcare strategy aims at providing medicines and diagnostic tools that
enable tangible improvements in the health, quality of life and survival of
patients. In 2012 Roche had over 82,000 employees worldwide and invested over
8 billion Swiss francs in R&D. The Group posted sales of 45.5 billion Swiss
francs. Genentech, in the United States, is a wholly owned member of the Roche
Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan. For
more information, please visit www.roche.com.
This press release contains forward-looking statements regarding, among other
things, statements relating to Pacific Biosciences' plans with respect to the
marketing of its current and future products, the expected benefits of the
agreement with Roche and other future events. All statements, explicit or
implied, other than statements of historical fact, are statements that could
be deemed forward-looking statements, including statements containing the
words "plan," "expects," "potential," "believes," "goal," "estimate,"
"anticipates," "outlook," and similar words. These statements are based on the
current estimates and assumptions of Pacific Biosciences' management as of the
date of this press release and are subject to risks, uncertainties, changes in
circumstances and other factors that may cause actual results to differ
materially from the information expressed or implied by forward-looking
statements made in this press release. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include risks more fully described in the "Risk
Factors" section of Pacific Biosciences' most recently filed Quarterly Report
on Form 10-Q for the quarter ended June 30, 2013 and the risks discussed in
Pacific Biosciences' other reports filed with the Securities and Exchange
Commission. Given these uncertainties, you should not place undue reliance on
the forward-looking statements in this press release. Pacific Biosciences
undertakes no obligation to revise or update information herein to reflect
events or circumstances in the future, even if new information becomes
CONTACT: For Pacific Biosciences:
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