Prognosis
Physicist and His Financier Brother Net $5 Billion Biotech IPO
- Adaptive Biotechnologies soars as drumbeat of debuts continues
- Founders reap windfall on high hopes for diagnostic technology
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Two brothers banking on a novel approach to diagnosing disease are behind the splashiest stock-market debut by a biotechnology company this year.
Adaptive Biotechnologies Corp. saw its shares more than double in value in their first day of trading Thursday on the Nasdaq Stock Market, after pricing at $20 in their initial public offering. The surge left Seattle-based Adaptive with a valuation of roughly $4.9 billion. The launch is the latest in a recent run of successful market premieres for innovative health-care companies.