France's Abivax plunges after low-end US IPO pricing

Abivax SA

20/10/2023 17:55

** U.S.-listed shares of French biotech Abivax  AVBX.O  last
down 24.7% at $8.73 on Fri after IPO prices at low end of
expectations
    ** Paris-listed inflammatory bowel disease specialist Abivax
 ABVX.PA  sold ~20.3 mln shares at $11.60, bottom of $11.60-$13
range, for Nasdaq listing
    ** Offering consists of ~18.7 mln ADSs in US, ~1.6 mln
shares outside of US
    ** Abivax raised gross proceeds of approx $235.8 mln,
equivalent to about €223.3 mln (based on exchange rate of €1.00
= $1.0559)
    ** Co plans to use funds to support lead candidate,
obefazimod, in Phase III trials for treatment of ulcerative
colitis, and development of the drug to treat Crohn’s disease
    ** Morgan Stanley  MS.N  and Leerink Partners acting as
joint bookrunners on the offering
    ** Abivax IPO comes as Wall Street slides on Fri, with the
Nasdaq  .IXIC  down about 1%, as yields remain high, Middle East
worries mount  .N 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))