Adaptive Biotechnologies Files for $230 Million IPO to Advance T-Cell and Immune Therapies in Collaboration with Microsoft and Genentech

VCBeat (WeChat ID: vcbeat) has learned that biotechnology company Adaptive Biotechnologies (“Adaptive”) plans to list on the Nasdaq Stock Market under the ticker symbol ADPT, aiming to raise $230 million through its initial public offering (IPO).

It is reported that Adaptive plans to sell 12.5 million shares, with a price range of $15–$17 per share. The proceeds from this financing round will be used to advance the company’s development of therapies and diagnostic sequencing tests targeting the human immune system. According to data from Renaissance Capital, the company’s market capitalization will reach $2.1 billion upon its successful listing.

Adaptive Biotechnologies, founded in 2009 by brothers Chad and Harlan Robins and headquartered in Seattle, Washington, USA, is a pioneer and leading company in the field of high-throughput sequencing. The company specializes in combining bioinformatics to identify and analyze T-cell and B-cell receptors.

Adaptive Biotechnologies’ immune sequencing platform, characterized by high accuracy and sensitivity, has been progressively adopted by laboratories worldwide, driving breakthrough research in cancer and other immune-mediated diseases. Meanwhile, the company is translating its immune sequencing advancements into clinical diagnostic and therapeutic tools to improve patient care.

In addition, Adaptive Biotechnologies’ T-cell receptor discovery platform can identify and analyze millions of T-cell and B-cell receptors from a single sample with high resolution, enabling scientists to precisely characterize T-cell receptors.

Crunchbase shows that Adaptive has completed seven rounds of funding, raising more than $400 million. Among them, in January 2015, the company completed a $94 million Series E financing; in May 2015, it completed a $195 million Series F financing led by Matrix Capital Management.

Since its inception, Adaptive’s platforms have been utilized in more than 480 clinical trials by over 125 biopharmaceutical companies. According to Renaissance, the company reported revenues of $59 million in 2018.

Adaptive Biotechnologies is collaborating with Microsoft to leverage machine learning in creating an atlas that maps the interactions between the immune system and various diseases, with the aim of developing blood-based diagnostic technologies. By screening for disease markers within the immune system, this technology enables timely diagnosis of conditions that are otherwise difficult to detect. Industry experts believe that this research will bring about significant advancements in the diagnosis of cancer and multiple sclerosis.

In addition, Adaptive Biotechnologies signed a $2.1 billion collaboration agreement with Genentech at the end of 2018. Under the agreement, the two companies are collaborating to develop T-cell therapies for cancer. By leveraging Adaptive’s T-cell receptor discovery platform and immune system profiling platform, Genentech is able to develop personalized cell therapies for each cancer patient.

(Compiled by Jiao Yanli)