Thiel-Backed Developer of Covid-19 Therapy Surges in Debut – MSN Money

(Bloomberg) — AbCellera Biologics Inc., which is developing an antibody treatment for Covid-19 with Eli Lilly & Co., nearly tripled in the first day of trading after its initial public offering.

Shares of the Vancouver-based company surged to $58.90 after being priced at $20 in the offering. The offering raised $483 million before commissions and expenses, making it the biggest Canadian pharmaceuticals IPO on record and the second-largest Canadian initial offering announced this year, according to data compiled by Bloomberg.

AbCellera is riding a wave of interest in companies whose products may be used to combat the pandemic. The firm is co-developing a monoclonal antibody treatment that U.S. regulators authorized last month as a therapy for people with mild-to-moderate Covid-19 symptoms.

Peter Thiel wearing a microphone: Thiel Marks Palantir’s Asia Push with $150 Million Japan Venture © Bloomberg Thiel Marks Palantir’s Asia Push with $150 Million Japan Venture

Peter Thiel.

Photographer: Kiyoshi Ota/Bloomberg

Lilly anticipates manufacturing 1 million doses of the treatment, known as bamlanivimab, before the end of the year and has reached a deal with the U.S. government for 300,000 doses. AbCellera is entitled to receive a specified percentage of proceeds that Lilly receives from these sales.

Video: WeedMaps CEO on going public in a $1.5 billion SPAC merger (CNBC)

WeedMaps CEO on going public in a $1.5 billion SPAC merger

What to watch next



The firm attracted the attention of Peter Thiel, the billionaire venture capitalist who co-founded PayPal Holdings Inc. and is now chairman of Palantir Technologies Inc. and a Facebook Inc. board member. Thiel was named to AbCellera’s board last month and acquired a small stake earlier in the year, according to people with knowledge of the matter.

In its first day of trading on Friday, the shares rose as high as $71.91. Their closing price gave the company a market value of about $15.7 billion.

AbCellera uses what it calls “lab-on-a-chip” technology to help biopharmaceutical companies identify new drug candidates. Using a blood sample from one of the first patients in the U.S. to recover from Covid-19, AbCellera screened more than 500 antibodies before zeroing in on one that Lilly used to develop the treatment in less than three months.

AbCellera has a portfolio with hundreds of programs and posted net income of $1.9 million on revenue of $25 million in the nine months ended Sept. 30, according to its IPO filing.

AbCellera had initially sought to sell 23 million shares at $14 to $17 apiece, but later boosted the price range to $17 to $18 before ultimately offering 24.2 million shares at $20 each.

The offering was led by Credit Suisse Group AG, Stifel, Berenberg, SVB Leerink, BMO Capital Markets.

(Updates with closing share price in second paragraph)

For more articles like this, please visit us at

©2020 Bloomberg L.P.


Latest posts