France-based Abivax SA (Euronext Paris / Nasdaq: ABVX) announced the pricing of an upsized underwritten public offering of American Depositary Shares, raising USD 800 million (EUR 702 million) in gross proceeds. Abivax intends to deploy the capital toward the US commercialization of its lead inflammatory bowel disease asset and continued clinical development, extending its cash runway by nearly two years beyond its prior position.
The Abivax public offering was upsized from an initially announced target of USD 600 million, a 33% increase that indicates substantial institutional demand. Abivax priced 6,400,000 ADSs at USD 125.00 per ADS, representing a 2.39% premium to the three-day volume-weighted average price of the ordinary shares on Euronext Paris through June 30, 2026. The offering carries an 8.0% dilutive impact on non-diluted share capital, rising to 9.2% if underwriters exercise their option to purchase up to an additional 960,000 ADSs in full, which would increase total gross proceeds to approximately USD 920 million (EUR 807 million). Leerink Partners, Morgan Stanley, Piper Sandler, and Guggenheim Securities acted as joint bookrunning managers; LifeSci Capital served as passive bookrunner and Van Lanschot Kempen as lead manager. No specific institutional investors were identified as participants.
Abivax intends to allocate net proceeds primarily to US pre-commercialization and commercialization expenses for obefazimod (ABX464), with the remainder directed toward clinical research and development in ulcerative colitis and Crohn's disease, and general corporate purposes. As of March 31, 2026, Abivax held EUR 491.6 million in cash, cash equivalents, and short-term investments, providing a runway into Q4 2027 under current operating assumptions. The company stated that proceeds from this offering, combined with existing cash, are expected to extend that runway into Q2 2029 — a roughly six-quarter extension that would carry Abivax through a potential US commercial launch.
The scale of this Abivax capital raise reflects a pattern of progressively larger equity financings tied to obefazimod's clinical and regulatory advancement. The current offering follows a USD 45 million ADS offering in May 2026 that was structured to repurchase legacy royalty certificates originally issued in 2022, eliminating a 2% future sales royalty and simplifying the balance sheet ahead of a potential new drug application submission. Prior to that, Abivax raised USD 747.5 million in a July 2025 follow-on offering following positive Phase III top-line data from the ABTECT-1 and ABTECT-2 ulcerative colitis trials.