AbCellera Biologics, which provides an AI powered drug discovery platform for antibody therapies, announced terms for its IPO on Monday.
The Vancouver, Canada-based company plans to raise $357 million by offering 23 million shares at a price range of $14 to $17. At the midpoint of the proposed range, AbCellera Biologics would command a fully diluted market value of $4.9 billion.
The company offers a full-stack, artificial intelligence-powered drug discovery platform that searches and analyzes a database of natural immune systems to find antibodies that can be developed as drugs. Rather than advancing its own clinical pipeline of drug candidates, AbCellera forges partnerships with drug developers and helps them develop drugs more efficiently.
AbCellera Biologics was founded in 2012 and booked $28 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol ABCL. Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
