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Vancouver-based AbCellera Goes Public on Nasdaq with Massive US $555.5M IPO, Company's Market Value Triples to $15.7 Billion on 1st Day
Monday, December 14, 2020Company Profile | Follow Company
Vancouver, BC, December 14, 2020--(T-Net)--Vancouver-based AbCellera Biologics Inc., a technology company that aims to become the centralized operating system for next-generation antibody discovery, has gone public on Nasdaq with a massive IPO of 27,772,500 common shares at a price to the public of $20.00 per share, raising an estimated US $555.5 million gross proceeds for the company ($708.6 million CDN), before expenses.
Shares debuted at US$20 on Friday but traded as high as US$71.91 before easing off to close Friday at $58.90 per share.
The overall market value of the company tripled in its first day of trading, to $15.7 billion, making it now the largest publicly traded tech or life sciences company in BC by a wide margin. Shares this following week have come off a little to around $46/share (with a still impressive market capitalization of US $12.3 billion (as of Wednesday 11AM PST)).
The company's top investors include board member Peter Thiel, a co-founder of PayPal and early investor in Facebook.
All of the common shares were offered by AbCellera. Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Markets acted as joint book-running managers for the offering.
The shares began trading on The Nasdaq Global Select Market Friday under the ticker symbol "ABCL."
AbCellera Biologics Team Photo (2018 Retreat)
Carl Hansen, CEO and Director, AbCellera
As previously announced by AbCellera in November 2020, in connection with its acquisition of Trianni, Inc., upon the closing of the offering, previously issued convertible promissory notes, with an aggregate principal amount of approximately $90.0 million, converted into 6,093,524 common shares at a price of $17.00 per share.
About AbCellera Biologics
AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development.
Registration statements relating to these securities became effective on December 10, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com; Berenberg Capital Markets LLC, Attention: Investment Banking, 1251 Avenue of the Americas, 53rd Floor, New York, NY 10020, or by telephone at (646) 949-9000, or by email at prospectusrequests@berenberg-us.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@svbleerink.com; or BMO Capital Markets Corp. at 3 Times Square, 25th Floor, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627, or by email to bmoprospectus@bmo.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. AbCellera conducted its initial public offering in the United States and not in any Canadian jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding completion, timing and anticipated size of the initial public offering and the expected commencement of trading on the Nasdaq Global Select Market.
Any forward-looking statements in this press release are based on AbCellera's current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, completion of the proposed public offering on the anticipated terms, or at all, market conditions and the satisfaction of customary closing conditions related to the initial public offering. These and other risks concerning AbCellera's programs and operations are described in additional detail in its registration statement on Form S-1, which is on file with the SEC. AbCellera explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
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