Abivax, a late-stage French biotech developing therapies for chronic inflammatory diseases, revised the terms for its upcoming IPO on Wednesday.
The Paris, France-based company now plans to raise $250 million by offering 20.3 million ADSs at a range of $11.60 to $13.00. The company had previously filed to offer 18.7 million ADSs at $13.39, the as-converted October 13 close of its shares on the Euronext Paris (ABVX). At the revised terms, Abivax will raise roughly the same amount in proceeds as previously anticipated.
Abivax is focused on developing therapeutics that harness the body’s natural regulatory mechanisms to modulate the immune response in patients with chronic inflammatory diseases. The company is currently evaluating its lead candidate, obefazimod, in Phase 3 trials for the treatment of adults with moderately to severely active ulcerative colitis. It is also in the planning stages of initiating a Phase 2a trial of obefazimod in patients with Crohn’s disease, as well as evaluating other potential inflammatory indications.
Abivax was founded in 2013 and booked $5 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ABVX. Morgan Stanley and Leerink Partners are the joint bookrunners on the deal. It is expected to price during the week of October 16, 2023.
