Adaptive Biotechnologies proposes $250M notes offering, plans MRD/Immune Medicine separation

Adaptive Biotechnologies Corp

Intends to issue $250M convertible senior notes due 2031 (plus $37.5M option) to qualified institutional buyers.
Proceeds to repay OrbiMed Purchase Agreement (~$156.9M), repurchase up to $25M stock, and fund capped calls.
Plans to separate MRD and Immune Medicine businesses; expects to identify preferred path by year-end 2026.
MRD revenue grew to $212M in 2025 (from $103M in 2023), with $15M adjusted EBITDA.
Immune Medicine has over 6M functional TCR-antigen pairs and data on 10,000+ patients; evaluating alternatives.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.