Context
Abivax is a French-listed, late-stage clinical biotech company mobilizing the immune system to treat patients with inflammatory diseases, viral infections and cancer.
Abivax leverages its immune-enhancing and antiviral platforms to optimize and develop drug candidates to treat a range of conditions: ABX464 for ulcerative colitis, Crohn’s disease, rheumatoid arthritis, other inflammatory diseases, Covid-19 and HIV; and ABX196 for liver cancer.
Abivax was founded by Truffle Capital and is now backed by Sofinnova.
Follow-on Offering proceeds will be mainly used to progress clinical trials in the following areas: to complete Phase 2b and prepare Phase 3 of ABX464 in ulcerative colitis (UC); complete Phase 2a of ABX464 in rheumatoid arthritis (RA); complete the Phase 2b/3 of ABX464 in Covid-19 indications and prepare for regulatory filings, market access and commercialization, if clinical data are positive; prepare Phase 2b/3 of ABX464 in Crohn’s disease.
About Abivax
Abivax, a clinical-stage biotechnology company, is mobilizing the body’s natural immune machinery to treat patients with chronic inflammatory diseases, viral infections, and cancer. Abivax is listed on Euronext compartment C (ISIN: FR0012333284 – Mnémo: ABVX). Based in Paris and Montpellier, Abivax has two drug candidates in clinical development, ABX464 to treat severe inflammatory diseases, and ABX196 to treat hepatocellular carcinoma.
Deal Team
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Bryan, Garnier & Co acts as Sole Global Coordinator and Sole Bookrunner to Abivax on its EUR 28 million Follow-on Offering
Bryan, Garnier & Co acted as Sole Global Coordinator and Sole Bookrunner on Abivax’s Follow-on Offering.
Abivax raised EUR 28m, with significant interest coming from multiple geographies (US and Europe) allowing the company to select a limited number of high-quality investors for this club deal, including Perceptive, Life Science Partners and Invus Public Equities. The company’s second largest shareholder, Sofinnova, participated at its pro-rata (c. 12%).
Despite challenging market conditions, the transaction priced at market (no discount) on the October 28 2020 closing price, a first on Euronext Paris for a healthcare company since 2015. There was a strong aftermarket of +7.5% on the day following the pricing.
In 2020, this is the eleventh capital raise that Bryan, Garnier & Co has advised on for a biotech and the seventh for a Euronext Paris-listed biotech. It marks another landmark transaction for Bryan, Garnier & Co’s Healthcare and Equity Capital Markets franchises.
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