- CA$701 million co-investment to strengthen capabilities and
infrastructure for drug development, manufacturing, and clinical
research in Canada
- AbCellera to build state-of-art facilities and technologies
capable of developing new antibody medicines from a disease target
to the completion of Phase 1 clinical trials
- AbCellera to collaborate with clinical researchers across
Canada to design and conduct Phase 1 trials that deliver promising
new medicines to patients for a broad range of diseases, with an
initial focus on cancer and immune diseases
- The project is expected to create hundreds of new high-skilled
jobs at AbCellera
AbCellera (Nasdaq: ABCL) today announced a CA$701 million
co-investment with the Governments of Canada and British Columbia
to build new capabilities and infrastructure to develop innovative
antibody-based medicines and strengthen Canada’s leadership in
clinical research, manufacturing, and drug development. Over the
next eight years, AbCellera plans to invest CA$401 million in the
project, and the Governments of Canada and British Columbia will
contribute CA$225 million and CA$75 million, respectively. These
investments will build new capabilities in Canada to develop,
manufacture, and deliver antibody medicines to patients through
Phase 1 clinical trials and build expertise in translational
science, technical operations, and clinical operations and
research.
AbCellera’s team was joined earlier today at the company’s
headquarters in Vancouver by the Honourable David Eby, Premier of
British Columbia, the Honourable François-Philippe Champagne,
Minister of Innovation, Science and Industry, and the Honourable
Brenda Bailey, Minister of Jobs, Economic Development and
Innovation to announce this new program.
“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 Carl Hansen, Ph.D., founder and CEO of
AbCellera. “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.”
“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,” said Premier David Eby.
“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.”
“In 2020, our government made a promise to Canadians that we
would build back our life sciences ecosystem. And today, we are
once again delivering on that promise by partnering with AbCellera,
a company at the cutting edge of technology. Its project will make
sure that Canada is at the forefront of antibody drug development,
while also strengthening our life sciences sector,” said the
Honourable François-Philippe Champagne, Minister of Innovation,
Science and Industry. “We are not only making our country a major
player in the global biomanufacturing and life sciences industry,
but also boosting Canada’s economy and creating good jobs for
Canadians.”
“Ensuring local, made-in-B.C. companies have the resources they
need to succeed on a global scale is a key part of our StrongerBC
Economic Plan,” said the Honourable Brenda Bailey, Minister of
Jobs, Economic Development and Innovation. “It wasn’t long ago that
AbCellera emerged out of the University of British Columbia to
become a global biotech leader saving lives around the world. We’ve
supported AbCellera from the very beginning, and this commitment to
its success is a commitment to the success of a strong and
sustainable economy right here in B.C.”
Project Details:
- Build a biotech campus with state-of-the-art capabilities for
bringing new antibody-based medicines to the clinic, and patients,
faster
- Initiate up to 17 drug development programs for new
antibody-based medicines, with an initial focus on cancer and
immune diseases
- Conduct multiple Phase 1 clinical trials in British Columbia
and across Canada
- Create and maintain hundreds of highly skilled jobs at
AbCellera across computer science, life sciences, healthcare, and
manufacturing
“Our government will do everything it can to keep Canadians
healthy and safe, including continuing investments into innovative
medicines that save lives. By partnering with AbCellera, we are
expanding our domestic life sciences and biotechnology ecosystem,
which will strengthen our antibody drug development and help
address unmet medical needs. Together with our partners, we will
keep strengthening our health care system to improve health
outcomes for all,” said the Honourable Jean-Yves Duclos, Minister
of Health.
“Today’s announcement is another example of our government
continuing to deliver on our promise to rebuild a strong and robust
biomanufacturing and life sciences sector. This partnership with
AbCellera will help position Canada as an international leader
within the biotech community and directly benefit British
Columbia’s economy,” said the Honourable Harjit S. Sajjan, Minister
of International Development and Minister responsible for the
Pacific Economic Development Agency of Canada.
“Our government is pleased to support AbCellera and its
employees who are working hard to discover and develop
next-generation therapeutic antibodies. Today’s announcement is
another milestone in building world-leading technological
capabilities in our country and filling the gaps in drug
development and clinical research not only in British Columbia, but
also in the Canadian life sciences ecosystem. This will create more
good local jobs and economic benefits for decades to come,” said
the Honourable Jonathan Wilkinson, Minister of Natural Resources
and member of Parliament for North Vancouver.
About AbCellera Biologics Inc.
AbCellera is breaking the barriers of conventional antibody drug
discovery to bring better medicines to patients, sooner.
AbCellera’s engine integrates expert teams, technology, and
facilities with the data science and automation needed to propel
antibody-based medicines from target to clinic in nearly every
therapeutic area with precision and speed. AbCellera provides
innovative biotechs and leading pharmaceutical companies with a
competitive advantage that empowers them to move quickly, reduce
cost, and tackle the toughest problems in drug development. For
more information, please visit www.abcellera.com.
AbCellera Forward-Looking Statements
This press release contains forward-looking statements,
including statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. The
forward-looking statements are based on management’s current
beliefs and assumptions and on information currently available to
management. All statements contained in this release other than
statements of historical fact are forward-looking statements,
including statements regarding our ability to develop,
commercialize and achieve market acceptance of our current and
planned products and services, our research and development
efforts, and other matters regarding our business strategies, use
of capital, results of operations and financial position, and plans
and objectives for future operations.
In some cases, you can identify forward-looking statements by
the words “may,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “ongoing” or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. These risks, uncertainties and
other factors are described under "Risk Factors," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and elsewhere in the documents we file with the
Securities and Exchange Commission from time to time. We caution
you that forward-looking statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. As a result, the
forward-looking statements may not prove to be accurate. The
forward-looking statements in this press release represent our
views as of the date hereof. We undertake no obligation to update
any forward-looking statements for any reason, except as required
by law.
Source: AbCellera Biologics Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20230524005534/en/
AbCellera:
Media: Jessica Yingling, Ph.D.; media@abcellera.com,
+1(236)521-6774 Business Development: Murray McCutcheon, Ph.D.;
bd@abcellera.com, +1(604)559-9005 Investor Relations: Josephine
Hellschlienger, Ph.D.; ir@abcellera.com, +1(778)729-9116
Government of Canada:
Laurie Bouchard Director of Communications Office of the
Minister of Innovation, Science and Industry
laurie.bouchard@ised-isde.gc.ca
Media Relations Innovation, Science and Economic Development
Canada media@ised-isde.gc.ca
Government of British Columbia:
Ministry of Jobs, Economic Development and Innovation Media
Relations +1(778)587-4521
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