AbCellera shares soar in record-breaking IPO


The Vancouver-based biotech firm’s shares debuted at US$20 in its initial public offering on the Nasdaq. They opened at US$61 and rose to an intraday high of US$71.91. (The Logic)

Read this article for free

By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

Already a subscriber?

Talking point: AbCellera finds antibodies from humans and different species, and then its partner companies work to develop them into drugs. The company, which has been working on a possible coronavirus treatment with Eli Lilly, first expected to raise US$200 million by going public, according to documents filed with the U.S. Securities and Exchange Commission in November. In early December, it more than doubled its expectations, with a target of US$449.7 million and a maximum share price of US$17. A few days later, it raised the price to a maximum of US$18 per share, which would raise up to US$476.1 million. Late Thursday, it upped the price for the final time, offering 24.15 million common shares at US$20 each, with gross proceeds expected to total US$483 million. Its IPO set a record for the largest debut public financing for a Canadian biotech company.