The money keeps coming for Eli Lilly COVID-19 partner AbCellera with $105M round

Canadian biotech AbCellera has nabbed a meaty $105 million series B funding round as it looks to boost its antibody work and seek out new potential meds against COVID-19.

Its backers are a diverse bunch, from Peter Thiel, PayPal founder and tech/occasional life science investor, to recent partner Eli Lilly, which has helped it become a central figure in the fight against the pandemic and likely did not hurt its ability to raise cash.

Back in March, the biotech entered the race to develop a therapy against the SARS-CoV-2 virus by getting hold of a blood sample from one of the first U.S. patients to recover from the pathogen. Having secured the sample, AbCellera screened 5 million immune cells in search of ones that made the functional antibodies that helped the patient neutralize SARS-CoV-2.

The screening identified 500 or so fully human antibody sequences. With the project now advancing to an assessment of the antibodies’ effectiveness against SARS-CoV-2, AbCellera enlisted Lilly to help keep the program moving forward quickly.

Under that deal, AbCellera and Lilly will split initial development costs. Beyond that, Lilly will take over and try to get the candidate through development, manufacturing and talks with regulators as quickly as possible.

Fast-forward two months, and AbCellera was given a financial boost by its government, getting up to $175.6 million in support from Canada's government under the Innovation, Science and Economic Development Canada's Strategic Innovation Fund.

That cash boost will be used to “expand efforts related to the discovery of antibodies for use in drugs to treat COVID-19” as well as to build out new tech and manufacturing infrastructure for antibody therapies “against future pandemic threats.”

In what has been a whirlwind few months, the biotech has now closed a $105 million series B, led by OrbiMed and current investor DCVC Bio, with an investor syndicate that includes Viking Global Investors, Peter Thiel, Founders Fund, Eli Lilly, University of Minnesota and Presight Capital.

AbCellera will use these latest funds to “deepen its technology stack, creating and aggregating novel tools to propel the development of new biological modalities, from monoclonal, multi-specific, and single-domain antibodies, to bioconjugates, gene-encoded biologics, and cell therapies,” it said in a statement.

The cash haul will also go toward boosting AbCellera’s employee numbers and opening a new 48,000-square-foot R&D facility next year, as well as building out a GMP manufacturing facility for production of biologics for clinical testing.

While COVID-19 has become the focus, the biotech works across a broad range of diseases, from cancer neurodegeneration, pain and fibrosis to metabolic disorders.