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PACB > SEC Filings for PACB > Form 8-K on 28-Aug-2014All Recent SEC Filings

Show all filings for PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Form 8-K for PACIFIC BIOSCIENCES OF CALIFORNIA, INC.


28-Aug-2014

Other Events


ITEM 8.01. OTHER EVENTS.

As previously disclosed, on September 23, 2013, Pacific Biosciences of California, Inc. (the "Company") entered into a Development, Commercialization and License Agreement (the "Agreement") with F. Hoffman-La Roche Ltd ("Roche"), pursuant to which the Company: (i) agreed to develop diagnostic products for clinical use including sequencing systems and consumables based on the Company's proprietary Single Molecule, Real-Time (SMRT®) technology; (ii) granted Roche an exclusive right to commercialize, and an exclusive license to sell, the developed diagnostic products for clinical use, the exclusivity of which is contingent on achieving sales minimums to be established in the future and contingent on Roche not selling for clinical use any new sequencing instrument that competes with any diagnostic instrument system developed under the Agreement; and (iii) agreed to manufacture and supply certain products intended for clinical use as the exclusive supplier to Roche. Pursuant to the Agreement, the Company received from Roche a non-refundable up-front payment of $35 million and is eligible to receive up to an additional $40 million based upon the achievement of development milestones. The Agreement has an initial term of 13 years and provisions allowing Roche 5-year renewals.

On August 27, 2014, the Company achieved a development milestone under the Agreement, entitling the Company to receive from Roche a development milestone payment of $10 million. The proceeds from the development milestone will be recognized as contractual revenue in the Company's financial statements for the quarter ending September 30, 2014. The Company may receive up to an additional $30 million based on the achievement of additional development milestones in future periods.


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