France-based Abivax SA (Euronext Paris / Nasdaq: ABVX) announced the closing of a USD 920 million (EUR 807 million) Abivax public offering of American Depositary Shares, with net proceeds of approximately USD 874 million earmarked primarily to fund the US commercialization of its lead inflammatory bowel disease asset and extend its cash runway through Q4 2029 — more than two years beyond its prior position.
The offering comprised 7,360,000 ADSs priced at USD 125.00 per ADS, a 2.39% premium to the three-day volume-weighted average price of the ordinary shares on Euronext Paris through June 30, 2026. The final size reflects the full exercise of the underwriters' 15% overallotment option, which added 960,000 ADSs and increased gross proceeds from the initially priced USD 800 million. The offering itself was upsized from an initially announced target of USD 600 million, indicating substantial institutional demand at pricing. Total dilution on a non-diluted basis reached 9.2% following the full option exercise. 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. All ADSs were offered by Abivax, with no selling shareholders.
Abivax intends to allocate net proceeds primarily toward US pre-commercialization and commercialization expenses for obefazimod (ABX464), with the remainder directed to clinical research and development in ulcerative colitis and Crohn's disease, and general corporate purposes. As of March 31, 2026, the company held EUR 491.6 million in cash and short-term investments, providing a runway into Q4 2027 under prior operating assumptions. The combined effect of this raise and existing cash is reported to extend that runway by approximately six quarters, carrying Abivax through a potential US commercial launch. This offering follows a USD 45 million ADS transaction in May 2026 that was used to repurchase legacy royalty certificates, eliminating a 2% future sales royalty and simplifying the balance sheet ahead of a planned regulatory submission.
Obefazimod is Abivax's sole clinical-stage asset and the exclusive focus of this capital raise. The compound is currently in a Phase III maintenance study for moderately to severely active ulcerative colitis, with positive 44-week maintenance data reported in late Q2 2026. Abivax has stated its intention to submit a New Drug Application to the US FDA in Q4 2026 — a milestone the current proceeds are explicitly intended to support. A Phase II study in Crohn's disease (NCT06456593) is actively recruiting patients, representing the primary indication expansion beyond ulcerative colitis. The scale of the ABVX stock offering reflects a pattern of progressively larger equity financings tied to obefazimod's clinical and regulatory advancement: 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 induction trials.