Adaptive Biotechnologies up after boosted $300 mln convertible bond sale
BUZZ-Adaptive Biotechnologies up after boosted $300 mln convertible bond sale ** Shares of Adaptive Biotechnologies ADPT.O up 0.5% at $17.30 before the bell on Weds as co raises more capital than planned
** Seattle, Washington-based ADPT announces pricing private offering of $300 mln 0% convertible bonds due 2031
** Offering size increased from $250 mln; initial conversion price of $24.11 is 40% premium to stock's last sale of $17.22 on Tues
** Co intends to use net offering proceeds to repay OrbiMed purchase agreement, for general purposes and opportunistic initiatives in Minimal Residual Disease (MRD) business
** Late Mon, ADPT unveiled plans to separate its MRD and Immune Medicine businesses, with CEO and co-founder Chad Robins saying it's "the best way to unlock the full potential of both businesses, increasing their impact on patients and creating long-term value for shareholders"
** ADPT stock closed down 1.4% on Tues for about $2.8 bln market cap. Stock up 6% YTD and 67% over the past 12 months
** Avg rating of 8 analysts is "buy"; median PT $20.50, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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