Former New Ventures BC Competition winner AbCellera closed its initial public offering Tuesday, bringing in $555.5 million after selling nearly 28 million shares. The Vancouver company was valued at almost $16 billion on the stock market.

Located in Vancouver, AbCellera has recently become publicly known for developing potential antibody treatments for COVID-19. They were a Second Place winner of the Competition in 2013, taking home $62,000 in cash and prizes. At that time, the venture was a spin-out company from a lab at UBC, headed by CEO Carl Hansen.

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