Context
Abivax is a French listed, late-stage clinical biotech company mobilizing the body’s natural immune system machinery to treat patients with inflammatory diseases, viral infections and cancer
Abivax leverages its immune enhancing and antiviral platforms to optimize and develop drug candidates to treat ulcerative colitis, Crohn’s disease, Rheumatoid Arthritis, and other inflammatory diseases (ABX464), Covid-19 (ABX464), HIV (ABX464), and liver cancer (ABX196)
Abivax was founded by Truffle Capital and is now backed by Sofinnova and Santé Holding, as well as Vivo Capital, Perceptive, Invus, Commodore, and LSP
Capital raise proceeds will be mainly used for the launch and continuation of the clinical programs of ABX 464, the Company’s lead product in advanced development, financing of R&D and working capital and other general purposes of the Company; redemption of (and payment of amounts payable pursuant to) existing indebtedness; advancement of the phase 1/2 proof-of-concept clinical trial of ABX196 for the treatment of hepatocellular carcinoma
About Abivax
Abivax, a clinical stage biotechnology company, is developing novel therapies that modulate the physiological inflammation and immunological pathways to treat patients with chronic inflammatory diseases, viral infections, and cancer. Abivax is listed on Euronext compartment B (ISIN: FR0012333284 – Mnémo: ABVX). Based in Paris and Montpellier, Abivax has two drug candidates in clinical development, ABX464 to treat severe inflammatory diseases, and ABX196 to treat hepatocellular carcinoma.
Deal Team
Should you want to know more about this transaction, you can contact one of the team members above
Bryan, Garnier & Co acts as Joint Global Coordinator and Joint Bookrunner on Abivax’s EUR 85 million Follow-on Offering & Convertible Bonds Issuance
Acting as Joint Global Coordinator & Joint Bookrunner alongside J.P. Morgan, Bryan, Garnier & Co helped to deliver a EUR 85m transaction for Abivax
Abivax raised EUR 60m in Equity from select Tier-1 US and European biotech specialists, including Vivo Capital, Invus, and Commodore Capital. Company’s historical main shareholders Sofinnova and Santé Holding also participated for a combined EUR 11m
The quality of demand allowed a tight pricing at a 3% discount to last close
Abivax also issued EUR 25m Senior unsecured convertible bonds with 5-year maturity, 6% coupon and 25% conversion premium to Susquehanna International Group, a US institution with significant investments in European healthcare
To both meet Abivax’s precise requirements and attract a high-quality investor, Bryan, Garnier structured a bespoke offering including non-standard features for both the French and global convertible market
This is Abivax’s second raise in 12 months accompanied by Bryan, Garnier & Co, showcasing a full-service relationship with Research coverage and Corporate Advisory. This nineth capital raise for a biotech in 2021 and fifth for a Euronext Paris listed biotech, advised by Bryan, Garnier & Co, marks another landmark transaction for Bryan, Garnier & Co’s Healthcare and Equity Capital Markets franchises
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