Adaptive Biotechnologies Enters the Market With a Bang - 3 minutes read


Adaptive Biotechnologies Enters the Market With a Bang

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) entered the market with a bang on Thursday. The stock went out at $39, well above the set price of $20 per share and also practically double the high end of the expected price range of $18 to $19 per share. At the $20 price point, the entire offering is valued up to $345 million.

The underwriters for the offering are Goldman Sachs, JPMorgan, Merrill Lynch, Cowen, Guggenheim Securities, William Blair and BTIG.

This firm is advancing the field of immune-driven medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. Management believes the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities.

Adaptive Bio’s immune medicine platform applies its proprietary technologies to read the diverse genetic code of a patient’s immune system and understand precisely how it detects and treats disease in that patient. The firm captures these insights in its dynamic clinical immunomics database, which is underpinned by computational biology and machine learning, and use them to develop and commercialize clinical products and services tailored to each individual patient.

It has two commercial products and services and a robust pipeline of clinical products and services that management is designing to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases.

Since its inception in 2009, Adaptive Bio has characterized over 20 billion immune receptors, established partnerships and commercial relationships with over 125 biopharmaceutical companies and launched two product lines.

The company intends to use the net proceeds from this offering to fund research and development, as well as commercial and marketing activities. The remainder will be put toward working capital and general corporate purposes.

Shares of Adaptive Bio were last seen at $38.50, in a range of $36.21 to $39.49 on the day thus far. Also over 6 million shares had moved on the day as of 12:15 p.m. Eastern.

Source: 247wallst.com

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