AbCellera draws $300 million in government funding – Business News

Federal and provincial officials announced $300 million in funding today for the new $700 million biotech campus built by AbCellera (Nasdaq:ABCL )in Mount Pleasant.

AbCellera has emerged as one of BC’s most successful biotech companies. The company’s prospects are worried during the COVID-19 pandemic because it makes the therapeutic antibodies used in the development of drugs used to treat COVID-19.

Its antibodies have been used to treat more than 2.5 million patients.

The company landed a number of partnership agreements with major drug companies, such as Eli Lilly and Co. (NYSE:LLY), and went public in December 2020 with an initial public offering that raised more than US$483 million.

With a market cap of $2 billion, AbCellera is now one of BC’s top life sciences companies. It recently invested $700 million in building a new research campus in Mount Pleasant. The federal government is contributing $225 million towards the new campus through its Strategic Innovation Fund, and the BC government is contributing $75 million.

“This project, and the commitment to co-invest alongside the governments of Canada and British Columbia, is a major step towards building the capabilities in Canada to translate scientific breakthroughs into new medicines that will benefit patients here and around the world,” said AbCellera founder and CEO Carl Hansen.

“This project is going to see AbCellera develop a state-of-the-art biotech campus,” said Premier David Eby. “One that’s going to bring a brand new, pre-clinical development facility with significant upgrades to the existing facility.

“It’s going to create at least 400, high-paid, highly skilled jobs. It’s going to enable locally developed drugs here to treat things like cancer and auto-immune diseases, including arthritis, to be trialed and produced right here in British Columbia. ”

François-Philippe Champagne, Canadian minister of Innovation, Science and Industry, said his government respondent to the COVID-19 pandemic with a commitment to build out Canada’s biomanufacturing and life sciences sector “so that we would be better prepared to face any future pandemic. ”

Since March 2020, the federal government has invested more $2.1 billion in life sciences, including the $225 million announced Wednesday.

“For me this project is all about….excellence and making sure that we will support AbCellera’s growth as an anchor firm here in Canada,” Champagne said.

Federal Natural Resources Minister, Jonathan Wilkinson, said when he was a clean-tech executive, the lack of anchor companies was one of the chief concerns for developing a clean-tech eco-system in BC

“Anchor companies are critical for attracting, developing and retaining talent,” he said. “They spur positive feedback loops in investment, spinoffs, collective learning, talent attraction. They help us to build a strong community and overall eco-system.

“So it gives me great pleasure to see that AbCellera is becoming just such an anchor firm.”