Photo: The Canadian Press
A red light on Bay Street in Canada’s Financial District is shown in Toronto on Wednesday, March 18, 2020. THE CANADIAN PRESS / Nathan Denette
Shares of Vancouver-based biotech company AbCellera Biologics hit the public market today, rising about 170% by noon 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 from Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Markets.
AbCellera’s shares traded between $ 50 per share and $ 71.91 per share, after valuing at $ 20 each overnight, with around six million shares changing hands as of early afternoon.
AbCellera said the IPO would raise US $ 483 million for its business, which analyzes the immune system to help drug developers treat disease.
The main investors in the company are Peter Thiel, member of the board of directors, co-founder of PayPal and first investor in Facebook.
AbCellera announced last month that it was working with Eli Lilly to develop a treatment for COVID-19 and that its Phase 2 clinical data had received provisional clearance from Health Canada.