Gide advised Inventiva, a biopharmaceutical company listed on Euronext Paris and Nasdaq, on the $172.5 million public offering in the U.S. of American Depositary Shares.

Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”). The company expects the topline results of its Phase 3 NATiV3 clinical study in the second half of 2026.

The offering consists of an equity offering in the United States for a total amount of $172.5 million, represented by approximately 44.8 million American Depositary Shares, following the exercise in full of the over-allotment option.

This fundraising builds on the transaction of up to €348 million announced in October 2024, comprising conditional or non-conditional tranches, which was recently honored with the Capital Markets Deal Award granted by Euronext Paris at the Euronext Tech Leaders Forum.

The Gide team comprised partner Arnaud Duhamel, counsel Aude-Laurène Dourdain, and associates Elise Raymond and Marie des Neiges Paupe, on the capital markets aspects. This transaction once again highlights Gide’s position as a leading firm in the listed biotech market.

Cooley LLP advised the company on U.S. law matters. Davis Polk acted as U.S. counsel to the banks, including Piper Sandler & Co. and Leerinck Partners LLC, and CMS Francis Lefebvre also acted as French counsel to the banks.