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Adaptive Biotechnologies Goes Public With $300M Stock Offering

NEW YORK — Adaptive Biotechnologies launched its initial public offering today, floating 15 million shares of its common stock at $20 apiece to raise up to $300 million in gross proceeds.

During midday trading, the stock was up 91 percent at $38.20.

If the underwriters of the IPO exercise their option to buy an additional 2.25 million shares, Adaptive — which originally expected to offer its shares at $15 to $17 each — could raise as much as $345 million.

Lead book-running managers on the offering are Goldman Sachs, JP Morgan, Bank of America Merrill Lynch, while Cowen and Guggenheim Securities are book-running managers, and William Blair and BTIG are co-managers. Seattle-based Adaptive now trades on the Nasdaq Global Select Market under the ticker symbol ADPT.

The offering is expected to close on July 1.

Adaptive markets a US Food and Drug Administration-authorized clinical immunosequencing assay called ClonoSeq for monitoring minimal residual disease in multiple myeloma and acute lymphoblastic leukemia. It also 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.

The company said it will use the proceeds of the IPO to fund commercial and marketing activities for its clinical products and services, fund research and development for its 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.