AbCellera Biologics, which provides an AI powered drug discovery platform for antibody therapies, raised the proposed deal size for its upcoming IPO on Thursday.
The Vancouver, Canada-based company now plans to raise $403 million by offering 23 million shares at a price range of $17 to $18. The company had previously filed to offer the same number of shares at a range of $14 to $17. At the midpoint of the revised range, AbCellera Biologics will raise 13% more in proceeds than previously anticipated.
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. As of September 30, 2020, the company had 94 discovery programs that are either completed, in progress, or under contract with 26 partners.
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.
