Investing.com | Editor Rachael Rajan
Published Oct 16, 2023 03:16PM ET
Paris-based biotech firm Abivax SA has commenced its roadshow for a proposed global offering and Nasdaq listing, under the ticker “ABVX”, as announced on Monday. The company, which specializes in creating therapeutics for chronic inflammatory diseases, aims to issue approximately 18.7 million ordinary shares through an initial public offering (IPO) of American Depositary Shares (ADSs) in the U.S., alongside a concurrent offering elsewhere.
The final number of ADSs and ordinary shares sold, as well as the offering price per ADS and ordinary share, will be established through a book-building process. Underwriters have been granted a 30-day option to purchase additional ADSs or ordinary shares up to 15% of the total amount proposed for sale in this Global Offering.
The securities will be issued without shareholders’ preferential subscription rights, adhering to French laws. The European Private Placement is open solely to EU-defined qualified investors.
Morgan Stanley and Leerink Partners are acting as joint global coordinators and joint bookrunners for the U.S. Offering. LifeSci Capital is leading the U.S. portion of the offering, while Bryan, Garnier & Co is handling the European offerings. Abivax’s capital markets advisor is Namsen Capital.
The company plans to list its ADSs on Nasdaq under the same ticker as its Euronext Paris listing, “ABVX”. A registration statement has been filed with the Securities and Exchange Commission (SEC), but it has not yet become effective.
New ordinary shares will be listed on Euronext Paris upon approval from the Autorité des marchés financiers (AMF). The terms of the Global Offering are detailed in a preliminary prospectus, with additional information available in the 2023 Universal Registration Document filed with the AMF.
Abivax’s lead drug candidate, obefazimod (ABX464), is currently in Phase 3 clinical trials for moderately to severely active ulcerative colitis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Written By: Investing.com
