VANCOUVER — Shares of Vancouver biotechnology company AbCellera Biologics hit the public market today, soaring about 170 per cent by midday after their debut.
The stock began trading on the Nasdaq Global Select Market under the symbol ABCL, in an initial public offering managed by bankers at Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Markets.
AbCellera's shares traded between US$50 per share and US$71.91 per share, after pricing at US$20 apiece overnight, with about six million shares changing hands by early afternoon.
AbCellera says the IPO will raise US$483 million for its business, which analyzes the immune system to help drug developers treat diseases.
The company's top investors include board member Peter Thiel, a co-founder of PayPal and early investor in Facebook.
AbCellera announced last month it was working with Eli Lilly to develop a treatment for COVID-19, and that its Phase 2 clinical data had received interim authorization by Health Canada.
This report by The Canadian Press was first published Dec. 11, 2020.
The Canadian Press
