Gide advises Inventiva on the issuance of the second tranche of EUR 116 million, in the context of a structured financing of up to 348 million euros

Gide has advised Inventiva, a biopharmaceutical company listed on Euronext Paris and Nasdaq, on the issuance of the second tranche of the structured financing of up to 348 million euros announced in October 2024. This 116 million euro financing follows the achievement of specific milestones, in particular the announcement of the end of patient enrolment in the “NATiV3” Phase 3 clinical trial evaluating lanifibranor in patients with metabolic dysfunction-associated steatohepatitis (MASH).

Following the signature of the structured financing and the issuance of the first tranche for an amount of 116 million euros at the end of 2024, this new tranche was completed through the issuance of ordinary shares and pre-funded warrants with warrants attached (ABSAs and PFW-BSAs). This innovative financing reconciled Inventiva’s interests with the specific constraints of the investors who were mainly American.

Proceeds from the financing will be used primarily to continue the NATiV3 Phase 3 clinical trial, with the objective, if results are positive, of filing an accelerated marketing authorization application in the United States and a conditional one in the European Union in the first half of 2027.

The Gide team comprises Arnaud Duhamel, partner, Aude-Laurène Dourdain, counsel, Elise Raymond and Alexandre Mignot, associates on the capital markets aspects; partner Didier Martin and Abel Colomb, on the corporate aspects and by Cooley LLP on U.S. law matters.

Gibson Dunn acted as French and U.S. counsel to certain investors and Davis Polk as U.S. counsel to the placement agents comprising J.P. Morgan, TD Cowen, Guggenheim Securities, and LifeSci Capital.