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Centessa Pharmaceuticals, a UK-based biopharmaceutical company, has gone public on the Nasdaq Global Select Market. Learn more about the Centessa Pharmaceuticals IPO, and find out if investors in Canada can buy in.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
On Friday May 28, 2021, Centessa Pharmaceuticals went public on the Nasdaq Global Select Market under the ticker symbol “CNTA.” The company offered 16.5 million American Depositary Shares (ADSs).
Shares opened at a price of $20.25. This was almost exactly the price that was announced just prior to the IPO, which was $20. Altogether, Centessa Pharmaceuticals raised $330 million as expected.
Centessa Pharmaceuticals originally filed a prospectus with the the US Securities and Exchange Commission on April 21, 2021. According to the document, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Jefferies LLC and Evercore Group, LLC acted as the lead underwriters of the IPO.
Unfortunately, no. Centessa Pharmaceuticals is only selling American Depositary Shares, which are equity shares of a non-US company held by a US depository bank. Generally, only US residents can have accounts with US depository banks. So, Canadians can’t buy Centessa Pharmaceuticals stock directly.
Depository Banks are financial institutions that hold people’s assets (money, securities etc.) for safekeeping. Where stock trading is concerned, depository banks make it relatively safe and easy for US residents to buy stocks in foreign companies that trade on US exchanges like the NYSE or the Nasdaq. This is because a depository bank act as a custodian of stocks until they’re sold, after which it transfers the stocks between investors’ accounts.
Even though you can’t buy Centessa Pharmaceuticals stock directly if you reside in Canada, you can still invest in other biopharmaceutical companies that are traded on Canadian and international stock exchanges.
|Company||Market Capitalization||Stock info|
|Aeterna Zentaris Inc.||$147.81 Million||TSX: AEZS|
|Devonian Health Group Inc.||$55.28 Million||TSXV: GSD|
|Johnson & Johnson||$439.99 Billion||NYSE: JNJ|
|Bayer Aktiengesellschaft||$52.19 Billion||XETRA: BAYN.DE|
|Pfizer Inc.||$227.71 Billion||NYSE: PFE|
|Merck & Co., Inc.||$192.79 Billion||NYSE: MRK|
|GlaxoSmithKline plc||$99.96 Billion||NYSE: GSK|
|AbbVie Inc.||$205.31 Billion||NYSE: ABBV|
|Takeda Pharmaceutical Company Limited||$54.42 Billion||NYSE: TAK|
|Shanghai Pharmaceuticals Holding Co., Ltd||$65.97 Billion||HKSE: 2607.HK|
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
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