Aug. 22 at 6:31 PM
$ABCL
My thesis for
$ABCL is that, five or ten years from now, the company will have accumulated so much knowledge of antibody biology that it will feel strange for an antibody drug developer to pursue a difficult target or format without at least considering AbCellera’s antibody Foundry
GPCRs, ion channels, complex membrane proteins, hidden epitopes, peptide–MHC targets, multispecific T-cell engagers, ADCs, and probably much more by then
If the thesis plays out, the moat could look similar to Palantir’s Foundry and Ontology today
For many enterprises, it makes more sense to keep spending more with Palantir, and still get value for money, than to rebuild the entire system themselves. Its 157% net retention reflects that
As Alex Karp has said, some customers have tried to rebuild Foundry internally, only to come back. If AbCellera executes well, biotechs pursuing difficult antibody biology may eventually reach the same conclusion: the best foundry is easier to use than to recreate
