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Adaptive Biotechnologies Expects Planned IPO to Fetch $15 to $17 a Share

NEW YORK (GenomeWeb) — Adaptive Biotechnologies intends to offer 12.5 million shares of its common stock at between $15 and $17 apiece in its planned initial public offering, the immunosequencing firm said in a filing with the US Securities and Exchange Commission on Monday.

If the shares float at the top end of the expected range, Adaptive will raise $212.5 million through the IPO. If the underwriters of the IPO exercise their option to buy an additional 1.875 million shares, Adaptive could raise up to $244.4 million.

The IPO is being underwritten by Goldman Sachs, JP Morgan, Bank of America, Merrill Lynch, Cowen, William Blair, Guggenheim Securities, and BTIG. Seattle, Washington-based Adaptive plans to trade on the Nasdaq under the ticker symbol ADPT.

In a preliminary prospectus filed with the SEC earlier this year, Adaptive said it recognized $55.7 million in total revenues and had a net loss of $46.4 million in fiscal 2018. As of the end of March, the company — which markets a US Food and Drug Administration-approved a clinical immunosequencing assay called ClonoSeq for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia — had $440.4 million in cash, cash equivalents, and marketable securities.

Adaptive sells a research assay and service called ImmunoSeq and recently struck a deal to develop an early detection test for autoimmune disorders and cancers with Microsoft. It is also working with Genentech to develop T cell receptor-based cell therapies.

Adaptive said it will primarily use the net proceeds of the IPO to fund commercial and marketing activities for its clinical products and services, fund research and development for our drug discovery initiatives, and continue investing in its TCR-Antigen Map related activities. Remaining funds will be used to scale lab operations, for working capital, and for general corporate purposes.