Adaptive Biotechnologies Corporation (ADPT) on Wednesday said it has priced an upsized private offering of $300 million of 0% convertible senior notes due 2031.
The offering, increased from the previously announced $250 million, is expected to close on June 22, 2026.
The company also granted the initial purchasers an option to buy up to an additional $45 million of notes. The notes have an initial conversion price of about $24.11 per share, representing a 40% premium to Adaptive Biotechnologies' closing stock price of $17.22 on June 16.
ADPT expects net proceeds of approximately $290.8 million, or about $334.5 million if the additional notes option is fully exercised.
The company plans to use about $22.3 million of the proceeds to fund capped call transactions entered into alongside the notes offering, and approximately $25 million to repurchase 1.45 million shares in privately negotiated transactions.
The remaining proceeds will be used to repay obligations under the OrbiMed Purchase Agreement, support general corporate purposes and fund growth initiatives in its minimal residual disease (MRD) business.
Additionally, the company said its financial adviser for the offering, J. Wood Capital Advisors, has agreed to purchase about $10 million of its shares in concurrent private transactions with institutional investors.
The capped call transactions will initially have a cap price of $34.44 per share, representing a 100% premium to the company's closing stock price of $17.22 on June 16.
ADPT shares closed at $17.22 on Tuesday, down 1.37%.
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