AbCellera Biologics Plans to Raise up to $391 Million in IPO

Peter Thiel-backed biotech developer AbCellera Biologics announced on Monday morning that it expects to raise up to $391 million in its initial public offering.

Peter Thiel-backed biotech developer AbCellera Biologics announced on Monday morning that it expects to raise up to $391 million in its initial public offering. 

In a regulatory filing, the company that partnered with Eli Lilly for its COVID-19 antibody drug said that it plans to sell 23 million shares priced between $14 and $17 apiece.

AbCellera plans to list its shares on the Nasdaq Global Market under the symbol “ABCL.” 

The company said last month its revenue rose to $11.6 million in 2019 from $8.8 million, a year earlier. Its net loss for the year was $2.2 million, compared to a profit of $309,000 in 2018.

According to data from IPOScoop, there has been a strong demand for new biotechnology stocks, with almost half of the US initial public offerings in 2020 coming from the healthcare sector.

In September, Business Insider reported that AbCellera had hired investment banks for a US initial public offering and could look to raise between $200 million and $300 million.


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