Adaptive Biotechnologies to Triple Seattle Footprint with New HQ
Adaptive Biotechnologies, based in Seattle, announced plans to lease a new corporate headquarters. They signed a 12-year, full-building, 100,000-square foot lease with Alexandria Real Estate Equities.
The new facility will triple Adaptive’s footprint in Seattle. The new headquarters will be at 1165 Eastlake Avenue East in the city’s Lake Union life science cluster.
“We have worked with Alexandria to design a state-of-the-art headquarters that will allow us to expand our lab capacity, R&D footprint, and office space to help realize our goal to translate the genetics of the adaptive immune system into clinical products that we believe will transform medicine and improve patients’ lives,” stated Chad Robins, Adaptive’s chief executive officer and co-founder. “This space will support Adaptive’s strategic growth trajectory, provide our current and future employees with improved space and amenities, and foster our mission-driven culture that drives commitment to each other, our customers, and our patients.”
Adaptive expects the shell of the new buildings to be done in 2020 and to move into it in 2021. It is very close to its current headquarters at 1551 Eastlake Avenue East, which is also a part of Alexandria’s The Eastlake Life Science Campus.
Seattle, which happens to be in the BioSpace BioForest Hotbed, is the fastest-growing life science market, according to a recent report by the U.S. Bureau of Labor Statistics and CBRE Research. Part of the growth is related to the supporting academic institutions in the area, including the Fred Hutchinson Cancer Research Center, Seattle Children's Hospital and the University of Washington Medicine.
There are 61 life science companies in Bothell alone, a suburb of Seattle, with another 106 in Woodinville, Kirkland and Redmond.
Adaptive Biotechnologies focuses on the adaptive immune system. On July 31, it announced the State of New York Clinical Laboratory Evaluation Program (CLEP) approved the company’s clonoSEQ Assay to detect and monitor minimal residual disease (MRD) in patients with B-cell blood cancers. clonoSEQ was the first test approved by the U.S. Food and Drug Administration (FDA) for MRD assessment in bone marrow samples from patients with B-cell acute lymphoblastic leukemia (ALL) and multiple myeloma. The clonoSEQ has been ordered by clinicians in almost 300 healthcare systems, including 27 of the 28 NCCN centers in the U.S., as well as by more than 30 biopharma companies in more than 120 clinical trials.
The company recently went public, closing on July 1 for its initial public offering (IPO), raising about $345 million. Shares trade on the Nasdaq under the ADPT ticker symbol.
In addition to clonoSEQ, it also offers immunoSEQ, assays to identify T- and B-cell receptors in a single sample. It also has a drug development program. Earlier this year, Adaptive entered a strategic collaboration with Genentech that could hit $2 billion. The companies will collaborate to develop and commercialize novel neoantigen directed T-cell therapies for a broad range of cancers.
They will use Genentech’s immunotherapy research and drugs with Adaptive’s T-cell receptor discovery and immune profiling platform TruTCR.
Genentech paid $300 million up front.
Adaptive noted at the time that it will continue to use its TCR platform to collaborate in developing cell therapies for other disease areas, including autoimmune disorders and infectious diseases.