Absci, which provides a platform for the discovery and development of protein therapies, raised $200 million by offering 12.5 million shares at $16, the midpoint of the $15 to $17 range.
AbSci states that its 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 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.
The Vancouver, WA-based company plans to list on the Nasdaq under the symbol ABSI. J.P. Morgan, Credit Suisse, BofA Securities, Cowen, and Stifel acted as joint bookrunners on the deal.
The article Protein power: Synthetic biology company Absci prices IPO at $16 midpoint originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
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