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Adaptive Biotechnologies Inks Financing Deal Worth up to $250M

NEW YORK — Adaptive Biotechnologies on Monday said that it has signed a nondilutive financing agreement with investment firm OrbiMed that will give it access to as much as $250 million in exchange for a portion of its revenues.

Under the terms of the deal, Adaptive will receive $125 million, with an option to take another $75 million, for general corporate purposes. Adaptive may also access a third tranche of $50 million to support merger and acquisition activities.

In exchange, OrbiMed will receive 5 percent of Adaptive's GAAP revenues, with that figure increasing to 8 percent and then 10 percent if the second and third tranches are drawn, respectively.

Additional terms of the arrangement were not disclosed.

"We are excited to work with OrbiMed on this creative royalty structure to continue unlocking the full potential of our immune medicine platform," Adaptive Cofounder and CEO Chad Robins said in a statement. "The agreement will extend our cash runway while providing flexibility to invest in growth initiatives in both our [minimal residual disease] and immune medicine business areas."

Last month, Adaptive said that it is curbing the commercialization of its T-Detect franchise — withdrawing a recently launched Lyme disease test and halting the planned rollout of an inflammatory bowel disease test — amid a change in reimbursement strategy.

The Seattle-based company reported ending the second quarter with $76.4 million in cash and cash equivalents and $307.3 million in short-term marketable securities.

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