Dechert advised French biotech company Abivax in connection with structured debt financing transactions that totaled up to €150 million. The financing includes up to €75 million from Kreos Capital and Claret European Growth Capital, and up to €75 million from a fund advised by Heights Capital Management, Inc.
The financing is arranged in multiple tranches, incorporating both convertible and non-convertible bonds, and includes the issuance of warrants. Additionally, the transaction encompasses the repayment and refinancing of Abivax's existing debt.
The funds raised will be allocated by Abivax towards the continued development of its lead drug candidate, obefazimod, as a treatment for ulcerative colitis and other potential chronic inflammatory indications, as well as for working capital and general corporate purposes.
Dechert's team was composed of partner Privat Vigand with associates Chloé Lebret and Carla Skaineh of the finance group, and associates Vianney Toulouse and Yona Elfassi of the corporate & securities/healthcare group led by partner Alain Decombe.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
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