Abivax raises $920 million as underwriters’ option for additional ADSs is fully exercised

Orrick Herrington & Sutcliffe advised Abivax SA in connection with a public offering of American Depositary Shares on the Nasdaq Global Market. The offering included the full exercise of the underwriters’ option to purchase additional ADSs, bringing gross proceeds to approximately $920 million (€807 million), an amount unprecedented for a French biotech. Following this record raise, Abivax is valued at more than €10 billion. The proceeds are intended to finance potential U.S. commercialization of obefazimod (ABX464), Abivax’s lead clinical candidate, to fund clinical research and development—principally related to ulcerative colitis and Crohn’s disease—and to cover working capital and general corporate purposes. Abivax is a clinical-stage biotechnology company focused on developing treatments that harness the body’s natural regulatory mechanisms to stabilise immune responses in patients with chronic inflammatory diseases. Headquartered in France and the United States, the company is advancing obefazimod in a Phase 3 clinical trial for moderate-to-severe active ulcerative colitis. Orrick Herrington & Sutcliffe represented Abivax SA with a team composed by: Alain Decombe (Senior Partner); Vianney Toulouse (Partner); Mathilde Duchamp (Senior Associate); and Léa Boutin (Associate) from the M&A/Private Equity/Capital Markets life sciences team; and Cécile Mariotti (Partner) and Maïten Le Brishoual (Senior Associate) on tax.

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Abivax raises $920 million as underwriters’ option for additional ADSs is fully exercised

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Abivax raises $920 million as underwriters’ option for additional ADSs is fully exercised

Read the full story

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