Abivax, a late-stage French biotech developing therapies for chronic inflammatory diseases, raised $236 million by offering 20.3 million shares and ADSs at $11.60, the low end of the revised range of $11.60 to $13.00. The company originally planned to offer ADSs at the as-converted last close of its shares on the Euronext Paris ($12.47 on October 19). The offering consisted of 18.7 million ADSs offered in the US and 1.6 million shares offered outside of the US.
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 plans to list on the Nasdaq under the symbol ABVX. Morgan Stanley and Leerink Partners acted as joint bookrunners on the deal.
