AbCellera news: Government to pour CA$300M in new campus

 AbCellera news: Government to pour CA$300M in new campus

Image courtesy: AbCellera

In latest AbCellera news, the Vancouver-based biotech firm is all set to receive CA$300 million funding from the government. The company joins forces with the governments of Canada and British Columbia in a groundbreaking CA$701 million co-investment for its new biotech campus. The aim is to bolster the country’s drug development, manufacturing, and clinical research capabilities.

In the next eight years, AbCellera will pour CA$401 million into the project. Simultaneously, the Governments of Canada and British Columbia will contribute CA$225 million and CA$75 million, respectively.

“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. With a decade of building our teams, technology, and expertise, this co-investment will accelerate the execution of our strategy and bring new treatments into clinical development.”

Carl Hansen, Ph.D., Founder & CEO of AbCellera

This substantial funding is expected to have a transformative impact, as per the government release. AbCellera will be able to improve and broaden the Canadian value chain in cutting-edge antibody drug development and clinical research. Further, thanks to the investment, it believes Canadian patients will be able to get early access to cutting-edge medications.

AbCellera plans to create over 400 full-time jobs, fuel extensive research, and undertake significant upgrades to its existing facilities.

Also read: Feldan Therapeutics gets CA$16.5M for unique biopharma tech

AbCellera news worthy since the beginning

Founded in 2012, AbCellera is a leading Canadian biotechnology company. It is a public company (Nasdaq:ABCL) that made its initial public offering (IPO) in December 2020, raising about US$555.5M. Leading biomedical researchers, namely Carl Hansen, Véronique Lecault, Kevin Heyries, Daniel Da Costa, and Oleh Petriv, founded the company.

It is especially known for its advanced antibody discovery engine, delivering precise and rapid clinical candidates to patients. The company utilizes high-throughput single-cell screening and sequencing technologies to identify therapeutic antibodies for various diseases. AbCellera’s approach involves analyzing natural immune responses, allowing for the rapid identification of antibodies with high specificity and efficacy.

In response to the COVID-19 pandemic, AbCellera and its partners successfully brought two antibody treatments to patients. Significantly, these treatments, including the first antibody treatment authorized by Health Canada and US FDA, have been instrumental in saving lives. Further, to date, AbCellera’s COVID-19 antibodies have benefited over 2.5 million patients and are estimated to have saved tens of thousands of lives.

Latest funding a show of continued government support to AbCellera

The initiative is aligned with Canada’s Biomanufacturing and Life Sciences Strategy, as well as with B.C.’s recently launched Life Sciences and Biomanufacturing Strategy. Together, they seek to revitalize and strengthen the Canadian biomanufacturing sector nationwide.

“AbCellera is an amazing local success story and today’s commitment represents the largest single private investment in a life sciences project in our history. This partnership will ensure British Columbians see the benefit of access to innovative therapies through clinical trials, while creating hundreds of good jobs and local training opportunities as we position B.C. as a global hub for life sciences and biomanufacturing.”

David Eby, Premier of British Columbia

Notably, since March 2020, federal investments of over CA$2.1 billion have already yielded impressive results. As a result, 36 new and expanded projects elevating the country’s domestic sector capacity have been delivered. The government’s continued support for AbCellera is evident with this latest development. It had previously contributed CA$175.6 million to the company in May 2020. That funding was part of Canada’s Plan to Mobilize Science in the fight against COVID-19.

Also read: BenchSci raises CA$95M funding for better drug discovery AI


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