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Pacific Biosciences announces F. Hoffman-La Roche (RHHBY) terminated the license agreement for the development and supply of diagnostic products; PACB 2016 product & service rev on pace to grow 55-65% y/y
- The previously announced agreement provided the option for Roche (RHHBY) to terminate the agreement for any reason with sixty days' prior notice. Upon termination, other than retaining certain non-exclusive rights with respect to using products already purchased from Pacific Biosciences under the agreement, Roche will have no rights to SMRT technology, and Pacific Biosciences will be free to commercialize products based on the Sequel sequencing platform into the clinical research and sequencing market, directly or with other distribution partners.
- Pacific Biosciences continues to see strength in its business. The company's product and service revenue for 2016 is on pace to grow between 55% and 65% over 2015. The co is targeting to grow product and service revenue by another 40% to 60% in 2017.
- Management will host a conference call to discuss the announcement today at 12:00pm Eastern Time / 9:00am Pacific Time.