AbCellera closes record biotech IPO as underwriters exercise option to buy shares; total proceeds US$555.5-million Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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The Vancouver antibody developer – a key player in the fight against COVID-19 - said late Tuesday it had raised US$555.5-million in gross proceeds, more than double the prior record for a Canadian biotech IPO, by Montreal’s Repare Therapeutics Inc. in June.
The AbCellera offering had one of the biggest debuts of the year for any North American stock when it began trading Friday on the Nasdaq Stock Market, nearly tripling to close at US$58.90. It has since eased off, closing Tuesday at US$46.99 a share. That’s still well above its issue price and leaves the company with a market capitalization of $12.65-billion, more
US SPAC market makes first moves into Europe
The announcement that UK electric vehicle maker Arrival Group is to merge with Nasdaq-listed CIIG could herald a new wave of SPACs looking at European acquisition targets in the coming years December 15 2020
Much has been made of the rise of the special purpose acquisition company (SPAC) market in the US this year – the records keep falling. Gross proceeds raised by these blank-cheque companies this year alone now amount to well over $50 billion (compared with a seemingly paltry $13.5 billion in 2019 – at the time, a bumper year). We have seen the largest ever SPAC IPO, with Bill Ackman s Pershing Square vehicle raising $4 billion in May.
Andreas Halvorsen, CEO of Viking Global. (Scott Eells/Bloomberg) Friday turned out to be a big day for Tiger Cub Andreas Halvorsen’s Viking Global Investors, with two IPOs in which the hedge fund held large stakes rocketing on their first day of trading. Meanwhile, another biopharma in which it holds a smaller position has more than doubled in price since it To continue reading, subscribe now to Premium Journalism. Already a subscriber? Login. Related Content