Abivax prices upsized $800M ADS offering at $125 per share

Abivax SA (Euronext: ABVX / Nasdaq: ABVX), a clinical-stage biotechnology company, has priced an upsized public offering of 6,400,000 American Depositary Shares (ADSs) at $125.00 per ADS, according to a press release issued July 1, 2026.

The offering was increased from an initial size of $600 million to $800 million. The price represents a 2.39% premium to the three-day volume-weighted average price of the company's ordinary shares on Euronext Paris over the period of June 26 to June 30, 2026.

Expected gross proceeds are approximately $800 million (€702 million), before underwriting commissions and other expenses, and assuming no exercise of the underwriters' option. The underwriters have been granted an option to purchase up to an additional 960,000 ADSs, representing 15% of the offering size. If that option is exercised in full, gross proceeds would reach approximately $920 million (€807 million).

Abivax said it intends to use the net proceeds for potential commercialization of its lead drug candidate, obefazimod, in the United States, as well as for clinical research and development related to ulcerative colitis and Crohn's disease, with any remainder allocated to general corporate purposes.

The company stated that the anticipated net proceeds, combined with existing cash, are expected to fund operations into the second quarter of 2029. As of March 31, 2026, Abivax held €491.6 million in cash, cash equivalents, and short-term investments.

The offering is expected to close on July 6, 2026. The 6,400,000 new ordinary shares will result in dilution of approximately 8.0% of the company's share capital on a non-diluted basis, rising to 9.2% if the underwriters' option is exercised in full.

Leerink Partners, Morgan Stanley, Piper Sandler, and Guggenheim Securities are acting as joint bookrunning managers. The company and its board members and executive officers are subject to a 60-day lock-up period following the final prospectus supplement.

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