The UBC-linked antibody drug developer has added $73m to its initial public offering, and its shares are still trading at more than double the IPO price.
AbCellera, a Canada-based antibody therapy developer based on University of British Columbia research and also backed by University of Minnesota, closed its initial public offering at approximately $556m yesterday.
Founded in 2012, AbCellera analyses the human immune system to locate and identify antibodies that could be made into drug treatments. It is collaborating with pharmaceutical firm Eli Lilly on a possible antibody-based treatment for covid-19.
The company issued a little over 24.1 million shares on the Nasdaq Global Select Market priced at $20 each last Friday to raise $483m. The amount of shares had been increased from 23 million and the range for the offering had been set between $17 and $18.
The first day of trading involved AbCellera’s shares opening at $61 and closing at $58.90 to give it a valuation of almost $15.7bn. Its shares are trading at $48.44 at time of publication.
