Gide has advised the financial advisors SVB Securities, LifeSci Capital et Bryan, Garnier & Co in connection with the successful pricing of an oversubscribed Abivax €130 million financing with high-quality U.S. and European biotech specialist investors, by way of a reserved capital increase.
This is the largest private placement of a biotech company listed only on Euronext Paris.
This financing was led by TCGX, with participation from existing investors Invus, Deep Track Capital, Sofinnova Partners, Venrock Healthcare Capital Partners, as well as from new investors Great Point Partners, LLC, Deerfield Management Company, Commodore Capital, Samsara BioCapital, Boxer Capital and others.
The proceeds from the transaction will primarily allow Abivax to fund the advancement of the obefazimod pivotal Phase 3 clinical trial program in ulcerative colitis, expanding the cash runway until the end of the second quarter of 2024.
Gide's international capital markets team was led by partner Guilhem Richard, alongside with partner Arnaud Duhamel, which also included Mélanie Simon-Giblin and Shanna Kim, associates in New-York and Paris, and partner Alexandre Bochu on tax aspects.
The banks were also advised by Cooley LLP on US law aspects.
Abivax was advised by Dechert's international Corporate & Securities team.