Fenwick & West represented the underwriters in the initial public offering for Adaptive Biotechnologies Corporation (ADPT), 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. 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 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 Susan Muck.