COVID-19 antibody therapy developer AbCellera Bio prices IPO above range at $20

 

• Canadian antibody-drug discovery platform AbCellera Biologics (ABCL) has priced its IPO of 24.15M common shares at $20.00/share, for expected gross proceeds of $483M.
• Underwriters' over-allotment is an additional ~3.6M shares.
• The company initially planned to offer 23M shares at a range of $17-18.
• Trading kicks off December 11. Closing date is December 15.
• The company's artificial intelligence-, or AI, powered drug discovery platform searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs.
• In a collaboration with Eli Lilly (NYSE:LLY), AbCellera applied its technology stack to co-develop LY-CoV555, a potential antibody therapy to treat and prevent COVID-19.
• The U.S. has purchased 950,000 doses of Bamlanivimab, a COVID-19 antibody therapy co-developed by Lilly and AbCellera, which has been authorized for emergency use by the FDA.
• A supply agreement has also been signed with the Canadian government for 26,000 doses.
• With regard to acquisition of Trianni, AbCellera issued convertible promissory notes to certain investors in an aggregate amount of ~$90M.
• Upon the closing of the offering, the Notes will convert into common shares at a price of $17.00/share.
• https://seekingalpha.com/news/3643591-covidminus-19-antibody-therapy-developer-abcellera-bio-prices-ipo-above-range-20