Briefing

AbCellera closes record-breaking IPO

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The Vancouver-based biotech firm said gross proceeds from its initial public offering last week totalled about US$555.5 million. That breaks the previous record for a Canadian biotech’s initial public offering, set by Repare Therapeutics, which raised gross proceeds of US$253 million, in June. (The Logic, The Globe and Mail)

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Talking point: The company raised its target price multiple times leading up to the IPO. Its shares, priced at US$20, opened at US$61 and soared to an intraday high of US$71.91. They have since fallen to the mid-US$40 range. AbCellera’s IPO included the exercise in full of the underwriters’ option to purchase some 3.6 million additional common shares, the company said. The underwriters were Credit Suisse, Stifel Nicolaus, Berenberg Capital Markets, SVB Leerink and BMO Capital Markets.