NEW YORK – Adaptive Biotechnologies announced Wednesday after the close of the market the pricing of a public offering of common stock that is expected to bring in gross proceeds of around $240 million for the firm.
The offering consists of 8 million shares of common stock, including 6 million being sold by Adaptive and 2 million being sold by a shareholder, at a price of $40 per share. Adaptive has granted the underwriters a 30-day option to purchase up to 1.2 million additional shares at the offering price, less underwriting discounts and commissions.
JP Morgan, Goldman Sachs, and BofA Securities are acting as joint lead book-running managers for the offering. Cowen, Guggenheim Securities, and William Blair are acting as book-running managers.
The Seattle-based firm said it intends to use the funds to accelerate investments in its T Cell Receptor Antigen Map, "scale commercial and marketing activities associated with immunoSeq Dx clinical products and services, and support continued research and development for drug discovery initiatives." The firm added that a portion of the net proceeds may also be used to "scale Adaptive's laboratory operations, capacity to support commercial growth plans, and for working capital and other general corporate purposes."
The offering adds to the $257 million Adaptive raised in a public offering that closed in early 2020. The firm went public in 2019, raising about $300 million in its IPO.
Adaptive expects the offering to close on or around July 20.
In Thursday morning trade on the Nasdaq, shares of Adaptive were down around 8 percent at $40.25.