Adaptive Biotechnologies Corporation has priced an upsized private offering of $300 million in 0% convertible senior notes due 2031, increasing the deal from the previously announced $250 million. The notes, which carry no regular interest and do not accrete, have an initial conversion price of approximately $24.11 per share, a 40% premium over the last reported sale price of $17.22 on June 16, 2026. Net proceeds are estimated at $290.8 million, with roughly $22.3 million allocated to capped call transactions, $25 million to repurchase 1,451,800 shares of common stock, and the remainder directed toward repaying the OrbiMed Purchase Agreement, general corporate purposes, and opportunistic initiatives in the MRD business. The company also granted initial purchasers a 13-day option to buy up to an additional $45 million in notes, which would bring total net proceeds to approximately $334.5 million if fully exercised. The capped call transactions have an initial cap price of $34.44 per share, representing a 100% premium, and are designed to reduce potential dilution upon conversion.
Adaptive Biotechnologies CorpCompany prices $300M convertible notes offering, uses proceeds for share repurchase and debt repayment; dilutive but also reduces debt and funds growth.