The French biotech has attracted a raft of new US healthcare specialist backers in one of the biggest raises ever on the Euronext Paris but it will need millions more to complete the late-stage program for obefazimod.

The French biotech is pleased to have raised nearly €50m considering the "currently very challenging financing environment," but it will need to find €150m more to complete last-stage trials of obefazimod in ulcerative colitis.

Following two record-breaking years for biotech fundraising, stock valuations are heading downwards. Biopharma executives and industry experts surveyed by Scrip anticipate big pharma executing more deals and acquisitions in 2022.

With a candidate for ulcerative colitis set to go into Phase III soon with a safety profile that looks cleaner than anti-TNFs and the JAK class, the French biotech could soon be getting some interesting offers.