Protein discovery and development platform AbSci sets terms for $200 million IPO
Updated: Jul 15, 2021
AbSci, which provides a platform for the discovery and development of proteins and biologics, announced terms for its IPO on Thursday.
The Vancouver, WA-based company plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, AbSci would command a fully diluted market value of $1.6 billion.
AbSci's Integrated Drug Creation Platform uses synthetic biology technologies and deep learning AI to identify, screen, select, and scale the production of novel biologic drug candidates. The company currently has nine active programs across seven partners for which it has either negotiated or plans to negotiate license agreements, seven of which are focused on the development of cell lines for drug candidates and one of which is focused on drug discovery. The company's partners include Merck, Xyphos, Astellas, and Alpha Cancer Technologies.
AbSci was founded in 2011 and booked $5 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol ABSI. J.P. Morgan, Credit Suisse, BofA Securities, Cowen, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 19, 2021.