Adaptive Biotechnologies, which provides genetic immunosequencing tests used to diagnose and treat diseases, raised the proposed share offering and range for its upcoming IPO on Wednesday.
The Seattle, WA-based company now plans to raise $278 million by offering 15 million shares at a price range of $18 to $19. The company had previously filed to offer 12.5 million shares at a range of $15 to $17. At the midpoint of the revised range, Adaptive Biotechnologies will raise 39% more in proceeds than previously anticipated, commanding a fully diluted market value of $2.5 billion.
Adaptive Biotechnologies was founded in 2009 and booked $59 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol ADPT. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Cowen and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2019.
