Abivax Launches an ADS Offering of Approximately $600 Million in the U.S.
French biotech company Abivax has announced the launch of a public offering of American Depositary Shares (ADS) amounting to approximately $600 million (€527 million) in the United States, following its encouraging clinical results published on Tuesday.
Major Fundraising Through U.S. Markets
Abivax is initiating a public offering of American Depositary Shares targeting approximately $600 million (€527 million). Each ADS represents one ordinary share of Abivax with a nominal value of €0.01. The offering is a registered public offering under the U.S. Securities Act of 1933 and takes place in the U.S. market.
The company intends to grant underwriters an over-allotment option to subscribe for additional ADS up to a maximum of 15% of the total number of ADS offered, under the same terms and conditions, exercisable until the day of the initial settlement. All ADS will be issued by the company itself.
Price and Schedule Set by Accelerated Auction
The final amount of the offering, the subscription price in U.S. dollars, and the final number of ADS will be determined following an accelerated book-building process starting immediately. The company will announce the results of the offering and the final terms in a subsequent press release.
Trading of the ordinary shares on Euronext is expected to be suspended on July 1, 2026, until the opening of the ADS on the Nasdaq Global Market around 3:30 PM (Paris time). The underlying shares of the ADS will be applied for trading on Euronext under the same ISIN code FR0012333284, on the same trading line as the existing shares.
Funding for Commercialization and R&D
Abivax plans to use the net proceeds from the offering to fund expenses related to the potential commercialization of its leading candidate obefazimod in the United States, clinical research and development expenses in the treatment of ulcerative colitis and Crohn's disease, as well as working capital and general corporate needs.
The offering is structured through a capital increase with the elimination of shareholders' preferential subscription rights, approved by the general assembly on May 11, 2026 (18th and 27th resolutions). The company's directors and officers are subject to a 60-day lock-up period following the date of the prospectus supplement, as well as a 60-day standstill period, subject to customary exceptions. Leerink Partners, Morgan Stanley, Piper Sandler, and Guggenheim Securities are acting as joint bookrunners. LifeSci Capital is acting as a bookrunner and Van Lanschot Kempen as the lead manager.
