BioCentury
ARTICLE | Finance

AbCellera valuation tops $15B as 2020’s IPO class nears completion

COVID-19 program draws attention, nearly tripling value

December 11, 2020 11:43 PM UTC

As 2020’s record-setting run of biotech IPOs nears its end, Canadian mAb developer AbCellera rode enthusiasm for its COVID-19 treatment to one of the year’s biggest offerings, then nearly tripled its value in the early aftermarket to attain a market cap north of $15.6 billion at Friday’s close.

AbCellera Biologics Inc. (NASDAQ:ABCL) sold a bumped-up number of shares above a range it had already revised upward, raising $483 million at a postmoney valuation of about $5.3 billion. Its shares more than tripled from their $20 offering price shortly after they began trading in the late morning, touching $71.91 before settling to $58.90 at the session’s end...