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AbCellera raises $555.5M in IPO as underwriters exercise option in full

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AbCellera raises $555.5M in IPO as underwriters exercise option in full

AbCellera Biologics Inc. closed its IPO, raising gross proceeds of about $555.5 million.

The company sold 27,772,500 common shares at $20 apiece. Included in the total share count are 3,622,500 shares sold as part of the underwriters' full exercise of their overallotment option.

Additionally, upon the closing of the offer, about $90 million in previously issued convertible promissory notes were converted into 6,093,524 common shares at a price of $17 each.

Credit Suisse, Stifel, Berenberg, SVB Leerink and BMO Capital Markets acted as joint bookrunning managers for the IPO.

Vancouver, British Columbia-based biotechnology company AbCellera develops an antibody discovery platform for use in drug development.