Briefing

AbCellera files for Nasdaq IPO

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The Vancouver-based biotech company is looking to raise US$200 million, according to its prospectus, filed after markets closed Friday. The number and price of shares are yet to be disclosed. It has applied to list under the symbol ABCL. (The Logic)

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Talking point: The company, which deploys technology to find antibodies that can be used for therapeutic treatment, is working with Eli Lilly to develop a possible treatment for COVID-19. It has seen its revenues grow steadily, according to the filing. In 2019, they grew to US$11.6 million from US$8.8 million the previous year, though it experienced a US$2.2-million loss last year. For the nine months ended Sept. 30, 2020, its revenues totalled roughly US$25.2 million, with a US$1.9-million net profit. The filing comes a day after the company added controversial Silicon Valley venture capitalist Peter Thiel to its board. Between Thiel and his venture funds, which also invested in AbCellera, he owns 3.6 per cent of the company, according to the filing. AbCellera also announced earlier this week it had acquired fellow biotech Trianni for US$90 million.