Briefing

AbCellera shares soar in record-breaking IPO

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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)

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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.