US-based drug discovery technology developer Adaptive Biotechnologies has filed for a $230m initial public offering that would enable investors companies Celgene, Illumina, LabCorp and BD Biosciences to exit.
Formerly known as Adaptive TCR, Adaptive has built a clinical immunomics database that could form the basis of treatments for cancer, autoimmune disorders and infectious diseases that would be able to be specifically tailored for every patient.
The filing comes after Adaptive signed a collaboration and license agreement with biotech company Genentech in December 2018 that involved a $300m upfront payment, and which could potentially reach $2bn dependent on milestones and sales.
The IPO proceeds will go to marketing and research and development, in addition to the development of a map the company is creating illustrating the way the immune system interacts with disease.
Hedge funds Viking Global Investors and Matrix Capital are the only investors that own 5% or more of the company, holding 36% and 16.4% of its shares respectively. They both took part in a hitherto unrevealed $50m round in December 2017 that increased Adaptive’s overall funding to $454m.
Matrix Capital Management had led a $195m series F round for the company in 2015 that included pharmaceutical firm Celgene, genomics technology producer Illumina, diagnostics service provider LabCorp and laboratory tools supplier BD Biosciences.
Real estate investment trust Alexandria Real Estate Equities also participated in the round, as did Viking Global, Tiger Global Management, Senator Investment Group, Rock Springs Capital, Casdin Capital and an undisclosed healthcare investor.
Goldman Sachs, JP Morgan Securities, BofA Securities, Cowen and Company, Guggenheim Securities, William Blair and BTIG are the underwriters for the offering, which is set to take place on the Nasdaq Global Select Market.
