Adaptive Biotechnologies prices $300M convertible notes to repay debt and fund growth initiatives.

Adaptive Biotechnologies has priced an upsized $300 million offering of 0% convertible senior notes due 2031, increasing from an initial $250 million. The proceeds will primarily be used to repay the OrbiMed Purchase Agreement, repurchase $25 million of common stock to reduce dilution, and fund general corporate and MRD business initiatives. The notes have an initial conversion price of $24.11 per share, a 40% premium over the recent stock price, and include capped call transactions to limit dilution. The offering is expected to close on June 22, 2026, enhancing the company's financial flexibility for future growth.