The French biotech firm seeks to raise $600M through American Depositary Shares to advance its clinical-stage pipeline.
Abivax SA announced a $600M underwritten public offering of American Depositary Shares (ADS), each representing one ordinary share. The proceeds will support the development of its inflammatory disease and antiviral drug candidates, including its lead asset, obefazimod.
The offering follows a recent Phase 2b trial success for obefazimod in ulcerative colitis, which drove a 40% share price increase in June. Analysts had anticipated a capital raise but expected a smaller figure, closer to $400M. The company last tapped public markets in 2020 with a €100M offering.
Shares of Abivax (ABVX) were halted pending the announcement, with trading expected to resume later Tuesday.