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AI brief of an SEC Form 8-K · Adaptive Biotechnologies Corp (ADPT)

Adaptive Biotechnologies issues $345 million convertible notes, repays OrbiMed deal

Neutral Impact 3 of 5 financing Written later

Adaptive Biotechnologies issued $345 million of 0% convertible senior notes due 2031 on June 22, 2026, including an additional $45 million exercised by the initial purchasers. The company used $156.9 million of the net proceeds to repay its OrbiMed revenue interest purchase agreement, which ends its quarterly revenue-based payments to OrbiMed, and used part of the proceeds for a share repurchase and a capped call transaction.

Key points

  • Notes issued June 22, 2026: $345 million principal, including the $45 million option exercised June 17, 2026; net proceeds of about $334.5 million
  • $156.9 million used to repay all obligations under the OrbiMed Purchase Agreement, with the revenue interests terminated
  • Initial conversion price of about $24.11 per share, a 40.0% premium over the $17.22 closing price on June 16, 2026; notes mature July 1, 2031
  • About $25.0 million used to repurchase 1,451,800 shares of common stock in privately negotiated transactions

The filing

CompanyAdaptive Biotechnologies Corp (ADPT)
Form8-K, current report
Filed with the SECJun 22, 2026, 4:07 PM ET
Accession number0001193125-26-277516

Items reported: 1.01 Material Definitive Agreement1.02 Termination of Material Agreement2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 22, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.