(AOF) – Abivax today announces the pricing of its securities for its IPO on the Nasdaq Global Market. This introduction will be made through a capital increase of 20,325,500 new ordinary shares, including a public offering of 18,699,460 ordinary shares in the form of American Depositary Shares (“ADS”), each representing the right to receive a common share, in the United States. The biotech specialist in chronic inflammatory diseases announces that this price has been set at $11.60 per ADS.
It corresponds to a price of 10.9864 euros per ordinary share. The total gross amount is estimated at approximately $235.8 million, equivalent to approximately €223.3 million. Settlement and delivery of the Global Offer would take place on October 24, 2023, subject to the usual conditions.
Abivax announced in mid-August its intention to make a public offering of its common shares in the United States.
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Biotechs put to the test
These companies are suffering from a much less favorable economic cycle, which is reflected in particular by a drop in venture capital financing of start-ups. These companies are therefore obliged to carry out layoff plans. Added to this is a much more restrictive regulatory framework. First, in the United States, measures linked to the Inflation Reduction Act (IRA) could have a strong impact on the margins of stakeholders. Indeed, from 2026, the federal Medicare program will be able to renegotiate the price of drugs marketed for nine years (chemical) or 13 years (biological), with discounts that could range from 35 to 60% for biotechs. Likewise, in Europe, with the new drug regulations presented in Brussels in April, the duration of patent protection will be reduced if the innovative treatment is not marketed in all member countries within two years.