Peter Thiel, a prominent Silicon Valley investor, announced his departure from Vancouver-based biotech company AbCellera’s board for personal reasons, effective March 7.
Thiel, who joined the board in November 2020 and is an investor in the company, lauded AbCellera for advancing biotech, despite its complexity and critical importance. AbCellera, once buoyed by pandemic-driven revenue from its COVID-19 antibody therapies, reported a significant loss in 2023.
The company’s net loss was US$146.4 million, a stark contrast to the US$485 million revenue in 2022, dropping to US$38 million. Despite the financial downturn and a 10% staff reduction, AbCellera continues to invest in its future with a new headquarters and manufacturing facility in Vancouver.
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