Adaptive Biotechnologies plans $250M convertible notes offering to repay debt and fund growth.

Adaptive Biotechnologies announced a proposed private offering of $250 million in convertible senior notes due 2031, with an option for an additional $37.5 million. The proceeds will primarily repay the OrbiMed Purchase Agreement, repurchase up to $25 million of common stock to reduce dilution, and support general corporate and MRD business initiatives. The notes will be senior unsecured debt, convertible into cash or stock, and include capped call transactions to limit dilution. This financing aims to enhance the company's financial flexibility and support growth opportunities in its immune medicine platform.