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Adaptive Biotechnologies files for $230M Nasdaq IPO

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Adaptive Biotechnologies files for $230M Nasdaq IPO

Adaptive Biotechnologies Corp. is looking to raise up to $230 million in an IPO of its common shares.

The Seattle-based life sciences company is using its proprietary immune medicine platform to diagnose and treat diseases. The company's ClonoSEQ test to detect the remaining disease cells in certain blood cancer patients secured the U.S. Food and Drug Administration's approval in September 2018.

Adaptive Biotechnologies applied to list its shares on the Nasdaq Global Select Market under the ADPT symbol.

Net proceeds from the offering will be used to fund commercial and marketing activities for the company's clinical products and services and for the continued research and development program of its drug discovery initiatives. Additionally, the funds will go toward ongoing investments in Adaptive's TCR-antigen map-related activities.

The remaining amount will go to working capital and other general corporate purposes.

Goldman Sachs & Co. LLC, J.P. Morgan, Bank of America Merrill Lynch, Cowen, Guggenheim Securities, William Blair and BTIG are acting as underwriters in the IPO.