Dechert Advises Abivax on Largest-Ever Euronext Paris Single Listing Biotech Private Placement

Dechert LLP advised French biotech Abivax in connection with its successful pricing of an oversubscribed €130 million financing with high-quality U.S. and European biotech specialist investors, by way of a reserved capital increase.

This financing was led by TCGX, with participation from existing investors Invus, Deep Track Capital, Sofinnova Partners, Venrock Healthcare Capital Partners, as well as from new investors Great Point Partners LLC, Deerfield Management Company, Commodore Capital, Samsara BioCapital, Boxer Capital and others. This is the largest private placement ever for a biotech listed on Euronext Paris (excluding biotechs also listed on Nasdaq).

The proceeds from the transaction will primarily allow Abivax to fund the advancement of the obefazimod pivotal Phase 3 clinical trial program in ulcerative colitis, expanding the cash runway until the end of the second quarter of 2024.

Dechert’s international corporate and capital markets teams acted as sole legal advisor to Abivax and included Paris-based partner Alain Decombe with associates Vianney Toulouse and Mathilde Duchamp, and London-based partners Patrick Lyons and Jennifer Rees, and associates Nick Quarrie and Amy Rees.

About Dechert

Dechert is a leading global law firm with 21 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.

With 70 lawyers, the Paris office is a key component of the firm's strategy in Europe and is active in antitrust/competition, corporate and securities, financial services matters, financing, intellectual property, international arbitration, investigations and compliance, labor and employment, litigation, regulatory and tax.

Dechert’s life sciences team in France represents companies ranging from multinational giants to emerging companies involving all aspects of the life sciences industry, including pharmaceuticals, biotechnology, drug discovery, genomics, biopharmaceuticals, diagnostics, medical devices and health care. We also assist investment funds with life sciences investments. Read more »