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AbCellera files for US IPO

November 22, 2020 00:00:00

Peter Thiel-backed biotech developer AbCellera Biologics Inc, which has partnered with Eli Lilly for its COVID-19 antibody drug, on Friday filed for an initial public offering on the Nasdaq. The listing plan from the Canadian firm comes at a time of strong demand for new biotechnology stocks, with almost half of the U.S. IPOs in 2020 coming from the healthcare sector, according to data from IPOScoop. AbCellera said its revenue rose to $11.6 million in 2019, from $8.8 million a year earlier. Its net loss for the year was $2.2 million, compared with a profit of $309,000 in 2018. Reuters reported in September that AbCellera had hired investment banks for a U.S. IPO and could look to raise between $200 million and $300 million.

— Reuters

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