University of Minnesota has invested in UBC spinout AbCellera's series B round that also included Eli Lilly.
AbCellera, a Canada-based developer of an antibody drug discovery platform based on University of British Columbia research, completed a $105m series B round yesterday that featured University of Minnesota.
OrbiMed and DCVC Bio co-led the round, which also included pharmaceutical firm Eli Lilly, Viking Global Investors, Founders Fund, Presight Capital and private investor Peter Thiel.
Founded in 2012, AbCellera has created a technology platform that uses machine learning and data science to locate antibodies in natural immune systems that could form the basis of disease treatments.
The series B proceeds will support the growth of AbCellera’s team in addition to a biologics manufacturing centre, and a research and development facility slated to open next year. Eli Lilly invested having signed a multi-year research and collaboration licensing deal with the company last week.
The round’s close follows a pledge of up to $125m of financing from the Canadian government-owned Innovation, Science and Economic Development’s Strategic Innovation Fund for AbCellera earlier this month.
AbCellera CEO Carl Hansen said: “Drug development takes too long, fails too often, and costs too much. With the backing of visionary investors, we will double-down on our strategy of making long-term investments in technology and teams that are needed to put drug development on the fast track.
“We are building a modern operating system for drug developers to ensure the best science is translated quickly into new therapies for patients.”
DCVC Bio had previously led the company’s $10m series A round in September 2018, which came in the wake of $820,000 from unnamed investors the year before, according to a regulatory filing.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
