Context
Abivax is a French listed, late-stage clinical biotech company mobilizing the body’s natural immune system machinery 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 ulcerative colitis (UC), Crohn’s disease (CD), rheumatoid arthritis (RA), and other inflammatory diseases, and liver cancer
Capital raise proceeds will be mainly used for the continuation of the clinical programs of its lead product ABX 464 (obefazimod) and notably for further advancing the global phase 3 clinical study program in ulcerative colitis; financing of R&D, working capital and other general purposes of the Company; redemption of existing indebtedness
About Abivax
Abivax, a phase 3 clinical stage biotechnology company, is developing novel therapies that modulate the body’s natural immune machinery to treat patients with chronic inflammatory diseases, viral infections, and cancer. Abivax is listed on Euronext compartment B (ISIN: FR0012333284 – Mnémo: ABVX). Based in Paris and Montpellier, Abivax has two drug candidates in clinical development, obefazimod (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 Joint Bookrunner on Abivax’s EUR 49 million Cross-over Financing
Acting as Sole Global Coordinator & Joint Bookrunner alongside LifeSci Capital, Bryan, Garnier & Co helped to deliver a EUR 49m cross-over financing for Abivax
Abivax raised EUR 49m in Equity and Royalty Certificates from select Tier-1 US biotech specialists, including TCGX, Venrock and Deep Track Capital. Company’s historical main shareholders Truffle Capital, Sofinnova, Santé Holding and Invus also participated to the offering, showing continued commitment
Despite demanding market conditions and a challenging backdrop for biotechs since the beginning of the year, the transaction was priced at a 9.6% premium to the last closing price, as of 1st September 2022
This is Abivax’s third raise in 2 years led by Bryan, Garnier & Co. This offering, which is the 2nd largest biotech capital raise on Euronext Paris 2022YTD and the largest French cross-over round since 2017, marks another landmark transaction for Bryan, Garnier & Co’s Healthcare and Equity Capital Markets franchises
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