Adaptive Biotechnologies’ $345 Million Initial Public Offering

DLA Piper advised Adaptive Biotechnologies Corporation on its IPO, and Fenwick & West advised the underwriters.

The Seattle-based Adaptive Biotechnologies Corporation (ADPT) is a commercial-stage biotechnology company that reads and translates the genetic code of the adaptive immune system to develop personalized diagnostics and therapeutics to improve patient lives.

Its proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed to develop products in life sciences research, clinical diagnostics and drug discovery.

The gross proceeds from the offering were approximately $345.0 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Adaptive sold 17,250,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $20.00 per share.????

Goldman Sachs & Co. LLC, J.P. Morgan and BofA Merrill Lynch acted as joint lead book-running managers for the offering. Cowen and Guggenheim Securities acted as book-running managers for the offering. William Blair and BTIG acted as co-managers for the offering.????

The DLA Piper team representing Adaptive Biotechnologies was led by partners Tyler Hollenbeck (Picture) and Andrew Ledbetter and associate Kevin Criddle, and included associates Kerra Melvin, Bianca LaCaille, Kelvin Kesse, Michael Duval, Chris Provera and Steven Autenrieth, as well as partners Cisco Palao-Ricketts, Lisa Haile and Rebecca McKnight.

The Fenwick transaction team included corporate lawyers Jamie Evans, Amanda Rose, Rob Freedman, Jen Hitchcock, Amy Zhang, Jenna Hsieh and Kate Bridge; executive compensation and employee benefits lawyer Laura McIntyre; intellectual property licensing lawyers Stefano Quintini, Amy Manning and Sophia Chen; intellectual property patent lawyers Dan Becker, Andrea Nichols, Hayan Yoon and Danni Sun; tax lawyers Will Skinner and Marianne Tassone; privacy and cybersecurity lawyers Jim Koenig, Lenny Rybaltowski, Jessica Blazer and Lael Bellamy; and securities litigation and international compliance lawyer Susan Muck.??

Involved fees earner: Steven Autenrieth – DLA Piper; Kevin E. Criddle – DLA Piper; Michael Duval – DLA Piper; Lisa Haile – DLA Piper; Tyler Hollenbeck – DLA Piper; Kelvin Kesse – DLA Piper; Bianca LaCaille – DLA Piper; Andrew Ledbetter – DLA Piper; Rebecca Jones McKnight – DLA Piper; Kerra Melvin – DLA Piper; Cisco Palao-Ricketts – DLA Piper; Chris Provera – DLA Piper; Daniel Becker – Fenwick & West LLP; Lael Bellamy – Fenwick & West LLP; Katherine Bridge – Fenwick & West LLP; Sophia Chen – Fenwick & West LLP; Jamie Evans – Fenwick & West LLP; Robert Freedman – Fenwick & West LLP; Jennifer Hitchcock – Fenwick & West LLP; Jenna Hsieh – Fenwick & West LLP; Jim Koenig – Fenwick & West LLP; Amy Manning – Fenwick & West LLP; Laura McIntyre – Fenwick & West LLP; Susan Muck – Fenwick & West LLP; Andrea Nichols – Fenwick & West LLP; Stefano Quintini – Fenwick & West LLP; Amanda Rose – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Danni Sun – Fenwick & West LLP; Marianne Tassone – Fenwick & West LLP; Hayan Yoon – Fenwick & West LLP; Amy Zhang – Fenwick & West LLP;

Law Firms: DLA Piper; Fenwick & West LLP;

Clients: Adaptive Biotechnologies Corporation; Bank of America Merrill Lynch; BTIG, LLC; Cowen Inc.; Goldman Sachs & Co.; Guggenheim Securities; J.P. Morgan Securities LLC; William Blair & Company, L.L.C.;

Author: Ambrogio Visconti