Adaptive Biotechnologies up after boosted $300 mln convertible bond sale

Adaptive Biotechnologies

17/06/2026 12:18

** 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))