LONDON (ShareCast) - (Sharecast News) - AbCellera Biologics is looking to raise more than $380m in a forthcoming initial public offering, it was confirmed on Monday.
In its latest regulatory filing, the Canadian firm - which has partnered with Eli Lily to develop a Covid-19 antibody treatment - said it planned to sell 23m shares at between $14 and $17 each. Assuming a mid-price of $15.50, net proceeds were estimated to be around $331.4m. However, that could rise to $382.1m if underwriters exercise options to purchase additional shares in full.

The firm said: "We believe that the surest path to a better future is through technological advancement and that the new frontier of technology lies at the interface of computation, engineering and biology."

Net proceeds from the IPO will be used, together with existing cash, to fund research and development, build the business development team and market treatments to new and existing partners.

"We may also use a portion of the net proceeds from this offering for the acquisition of business, technology or other assets that we believe are complementary to our own," AbCellera added.

AbCellera and Eli Lily's treatment for Covid-19, known as LY-CoV555, was recently granted emergency use authorisation in America.

The firm, which employs 174 people, is backed by the billionaire investor Peter Thiel, who recently took a seat on the board of the start-up. Revenues rose to $11.6m in 2019 from $8.8m a year previously, while the net loss came in at $2.2m. In 2018, it reported profits of $309,000.

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