Vancouver’s antibody therapy developer AbCellera files for US IPO

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Vancouver’s antibody therapy developer AbCellera files for US IPO

AbCellera Biologics Inc., the Vancouver, British-Columbia-headquartered biotechnology company, best-known for its antibody therapy for pandemic infections which the eight-year-old biotech start-up had developed in collaboration with Eli Lilly, had filed for an IPO (Initial Public Offering) in the Nasdaq late on Friday, a regulatory filing with US SEC (Securities and Exchange Commission) had revealed.

In point of fact, latest move from the Canadian biotech firm, AbCellera, backed by the German-American billionaire entrepreneur and venture capitalist Peter Thiel, a co-founder of online payment giant PayPal, comes over the heels of a deluge of strong demand for new biotech stocks with biotech and healthcare stocks representing more than half of US IPOs this year, data from IPOScoop had revealed.

Aside from that, earlier on Friday, Canadian health regulators had granted an interim authorization to its antibody therapy for treating the patients who were not hospitalized, but susceptible to serious illness due to their age or other underlying medical conditions.

AbCellera files for Nasdaq IPO

Besides, at its IPO filing, AbCellera said that the company’s annual revenue surged by $11.6 million last year compared to a reading of $8.8 million at the same time a year earlier, while the Canadian biotech firm’s net loss for the fiscal year 2019 stood at $2.2 million in contrast to a profit of $309,000 in 2018.

In tandem, AbCellera, which also claimed to have Bill & Melinda Gates Foundation and healthcare-oriented buyout firm OrbiMed Advisors LLC. among its leading investors apart from the PayPal co-founder Peter Thiel, had been quoted saying in its regulatory filing with US SEC that the company would seek a Nasdaq IPO with a placeholder amount of up to $200 million, while the company had been planning to list its common stocks on Nasdaq Global under the symbol “ABCL”.

On top of that, the Vancouver-based developer of antibody therapy for pandemic infections that had shown an encouraging response even in the hospitalized patients, had also added at its regulatory filing late on Friday that the Credit Suisse, Berenberg, SVB Leerink, Stifel and BMO Capital Market would be the lead underwriters of its US IPO.