Adaptive Biotechnologies secures up to $250M non-dilutive royalty financing from OrbiMed

Adaptive Biotechnologies Corp

Initial $125M tranche at closing; Adaptive may draw up to $75M more (by Sept 2025) and $50M for M&A (by Sept 2025).
OrbiMed receives 5% of GAAP revenue (8% if second tranche drawn; 10% if all three drawn).
Return cap: 165% of invested capital, increasing to 175% if full repayment not made by Sept 2032.
Adaptive can repurchase revenue interests via call option; OrbiMed has put option on change of control, etc.
Cash and marketable securities were >$450M at Q2 2022; financing extends runway for growth initiatives.

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