(Bloomberg) – Canadian antibody and drug discovery platform AbCellera Biologics Inc. has filed an initial public offering, detailing plans for antibody treatment for Covid-19 it is developing with Eli Lilly & Co.
AbCellera in its filing with the United States Securities and Exchange Commission on Friday said the size of the offer was $ 200 million, a placeholder that will likely change. The company will disclose the size and price range of the IPO in a subsequent filing.
The company’s antibody discovery platform provides “lab-on-a-chip” technology to help biopharmaceutical companies identify next-generation drug candidates.
One of the most promising drugs in AbCellera’s pipeline is the monoclonal antibody treatment for Covid-19 that he is co-developing with Indianapolis-based Eli Lilly.
Using a blood sample from one of the first patients in the United States to recover from Covid-19, AbCellera began screening more than 500 antibodies. The companies opted for just one – LY-CoV555 – and scientists at Lilly developed the antibody in less than three months.
The treatment, known as bamlanivimab, received emergency use authorization from the United States Food and Drug Administration on November 9 to treat people with mild to moderate symptoms of Covid-19. Lilly plans to manufacture 1 million doses before the end of the year and has already reached an agreement with the US government for 300,000 doses.
Video: Track sales of shares of executives involved in the development of Covid-19 drugs (CNBC)
Click to enlarge
AbCellera has stated that it is entitled to receive a specified percentage of the proceeds that Lilly receives from these sales. AbCellera can also raise a total of $ 29 million from Lilly related to clinical and approval milestones, according to the filing.
Vancouver-based AbCellera said in a statement Thursday that Peter Thiel has joined its board of directors. Thiel, who is chairman of Palantir Technologies Inc. and also a board member of Facebook Inc., acquired a small stake in AbCellera earlier this year, people familiar with the matter said.
AbCellera founder and CEO Carl Hansen, a former professor in the Department of Physics and Astronomy at the University of British Columbia, owns a 26.3% stake in the company, making it the main shareholder, according to the file.
Thermopylae Holdings Ltd. holds 26% of the shares, while DCVC Bio LP owns 12.4% and Viking Global Investors and its affiliates hold 8%.
Monoclonal antibodies are being developed by a handful of companies, including Regeneron Pharmaceuticals Inc., AstraZeneca Plc, and GlaxoSmithKline Plc and partner Vir Biotechnology Inc. Anthony Fauci, the U.S. government’s chief infectious disease physician, compared the treatments to a bridge to when vaccines are widely available. The class of drugs came into the spotlight when President Donald Trump received the experimental Regeneron antibody after being infected.
Besides the newly licensed Covid-19 antibody therapy, AbCellera has built a larger portfolio with hundreds of programs. The company became profitable in the nine months ended September 30, according to its file. He had net income of $ 1.9 million on income of $ 25 million.
The offering is led by Credit Suisse Group AG, Stifel, Berenberg, SVB Leerink, BMO Capital Markets. AbCellera plans to list its share on the Nasdaq Global Market under the symbol ABCL.
For more articles like this please visit us on bloomberg.com
© 2020 Bloomberg LP