World News – CA – Antibody Therapy Developer AbCellera files for IPO – Daily Times


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Peter Thiel-backed biotech developer AbCellera Biologics Inc, who worked with Eli Lilly on its COVID-19 antibody drug, filed for an IPO on the Nasdaq on Friday. The Canadian company’s listing plan comes at a time of strong demand for new biotech stocks, with nearly half of the U.S. initial public offerings in 2020 coming from the healthcare sector, according to IPOScoop. AbCellera said its sales rose to $ 11. 6 million in 2019 from $ 8. 8 million a year earlier. The net loss for the year was $ 2. 2 million, compared to a profit of 309. 000 USD in 2018. Reuters reported in September that AbCellera had hired investment banks to go public in the US and could attempt to raise between $ 200 million and $ 300 million. Earlier on Friday, Canada approved Eli Lilly’s antibody drug to treat COVID-19 in patients who are out of hospital but are at risk of serious illness because of their age or other medical conditions. AbCellera has filed for an initial public offering of up to $ 200 million, a wildcard amount that is expected to change. It is planned to list its common stock on the Nasdaq Global Market under the symbol « ABCL ». . The company that includes Bill & The Melinda Gates Foundation and healthcare-focused buyout company OrbiMed Advisors LLC are among the investors. According to Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Market, they are the leading subscribers to the IPO.

Antibodies, Eli Lilly and Company, Monoclonal Antibody Therapy, Coronavirus, IPO, United Regional Health Care

World News – CA – Antibody therapy developer AbCellera submits for IPO – Daily Times
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