Abivax launches IPO to fund novel AIDS drug
This article was originally published in Scrip
French vaccines and antiviral firm Abivax has launched its initial public offering on Euronext Paris. It is aiming to raise around €50m to fund Phase IIb studies of its small molecule ABX464, which takes a novel approach inhibiting HIV replication, as well as to continue development of ABX203, a Phase IIb/III therapeutic vaccine against chronic hepatitis B.
Assuming shares are sold at the mid-point of the indicative price range of €18.26-24.34, the company will raise €43.6m, rising to €57.7m if an extension clause and over-allotment option are exercised in full.
At the upper limit with all additional shares sold, it would raise €65.9m, while at the lower end, with no additional shares sold, it would raise €37.4m. €33m has already been committed from existing investor Truffle Capital and five new investors. The offering will close on 22 June. The price will be determined on 23 June with trading on Euronext commencing on 26 June.
Abivax was established by Truffle Capital in December 2013 through the merger of three French companies – Wittycell, Splicos and Zophis – in collaboration with the Cuban Center for Genetic Engineering and Biotechnology (CIGB). It was founded by its chairman, the French biotech pioneer Dr Philippe Pouletty, and its CEO is Professor Hartmut Ehrlich, former head of R&D at Baxter BioScience.
Related stories
French biotech Abivax IPO to fund antiviral leader ambitions