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Law360 (May 27, 2020, 6:52 PM EDT) -- Canadian biotechnology company AbCellera said Wednesday it raised $105 million from investors to help fund its technology for antibody drug discovery, which it's currently deploying to help develop therapies to prevent and treat COVID-19.
British Columbia-based AbCellera Biologics Inc. said the funds will go toward developing its technology platform, which the company says can help speed the drug discovery process. AbCellera in March announced an agreement with Eli Lilly & Co. to co-develop antibody products to treat and prevent COVID-19, and the two companies have since agreed on a multiyear collaboration for other antibody therapeutics, according to the company's website.
AbCellera's technology analyzes naturally produced antibodies to help find future drug candidates, according to its website. The company also said in early May that it received nearly $176 million from the government of Canada to search for antibodies that could be used in COVID-19 treatments.
"Drug development takes too long, fails too often, and costs too much," CEO Carl Hansen said in a statement on Wednesday. "We're building a modern operating system for drug developers to ensure the best science is translated quickly into new therapies for patients."
AbCellera said it will also use the Series B funds to grow its workforce, open a new facility for research and development and build a manufacturing facility.
The financing round was led by health and life sciences investor OrbiMed Advisors LLC and by existing investor DCVC Bio, Wednesday's announcement said. An investor syndicate that includes investment manager Viking Global Investors, billionaire Peter Thiel and his affiliated Founders Fund, Eli Lilly, the University of Minnesota and Presight Capital also contributed, the announcement said.
"AbCellera is at the intersection of biology, technology, and [artificial intelligence], allowing it to make new antibody drug discovery advancements, which we previously couldn't dream of, possible," said DCVC Bio managing partner John Hamer. "From developing therapeutics for neurological diseases to COVID-19 and everything in between, AbCellera is transforming the antibody discovery process, delivering more possibilities in less time and with less expense."
AbCellera is the latest of several life sciences companies to ink deals with pharmaceutical giants as the hunt for a COVID-19 vaccine and treatments continues.
Czech Republic-based Praha Vaccines said Wednesday that it will be acquired by Novavax for $167 million and that the duo will work with vaccine manufacturer Serum Institute of India on a potential vaccine for COVID-19.
Gilead in mid-May announced deals with Mylan and other generic companies to make and sell its experimental COVID-19 drug remdesivir for 127 countries. And Chinese biopharmaceutical company Sinovac Biotech Ltd. said last week that it received $15 million from a pair of Chinese private equity funds to continue work on a coronavirus vaccine.
Representatives for AbCellera did not immediately respond to a request for comment on Wednesday.
Counsel information was not immediately available.
--Additional reporting by Benjamin Horney, Sierra Jackson and Tiffany Hu. Editing by Alanna Weissman.
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