Loan & DebtJun 17, 2026, 06:01 AM
Adaptive Biotechnologies Prices $300M Convertible Senior Notes
AI Summary
Adaptive Biotechnologies priced its offering of $300 million aggregate principal amount of 0% convertible senior notes due 2031, an increase from the previously announced $250 million. The net proceeds, estimated at $290.8 million, will be used to repay the OrbiMed Purchase Agreement, fund capped call transactions, repurchase $25 million of common stock, and for general corporate purposes and opportunistic initiatives in the MRD business. The notes have an initial conversion price of $24.11 per share, representing a 40.0% premium over the last reported stock price.
Key Highlights
- Priced $300 million aggregate principal amount of 0% convertible senior notes due 2031.
- Offering size increased from $250 million; initial purchasers have option for additional $45 million.
- Net proceeds estimated at $290.8 million (or $334.5 million if option exercised).
- $25.0 million of proceeds to repurchase 1,451,800 shares of common stock concurrently.
- Initial conversion price of $24.11 per share, a 40.0% premium over $17.22.
- $22.3 million of proceeds to fund capped call transactions with a cap price of $34.44 per share.
- Remaining proceeds for OrbiMed Purchase Agreement repayment and MRD business initiatives.
Price Impact
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