Gide advises the banks’ syndicate on the $747.5 million public offering of Abivax on Nasdaq, the largest ever financing of a French biotech company

Gide advises the banks’ syndicate, including Leerink Partners, Piper Sandler & Co. and Guggenheim Securities, as joint bookrunning managers, LifeSci Capital, as lead manager, and BTIG and Van Lanschot Kempen, as co-managers, on the $747.5 million (€637.5 million) public offering of Abivax on Nasdaq

The offering consists of a capital increase without preferential subscription rights through a public offering in the United States of an aggregate of 11,679,400 American Depositary Shares, each representing one ordinary share of Abivax, which includes the full exercise of the overallotment option.

This financing is a key transaction in the biotech sector representing the largest ever financing of French biotech company. This transaction emphasize Gide’s commitment to supporting biotech companies in strategic transactions, including cross-border equity offerings.

Abivax is a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Abivax has recently announced Phase 3 clinical trial results for its lead drug candidate, obefazimod, for the treatment of moderately to severely active ulcerative colitis.

Abivax intends to use the net proceeds from the offering to fund the clinical development of obefazimod for ulcerative colitis and Crohn’s disease as well as for working capital and other general corporate purposes.

Gide’s team comprised partner Arnaud Duhamel, counsel Guillaume Monnier, and associates Yasmine Tanji and Alexandre Mignot.

The banks’ syndicate was also advised by Latham & Watkins LLP on U.S. law matters.

Abivax was advised by Dechert LLP on French law matters and Cooley LLP on U.S. law matters.