(CercleFinance.com) – The French biotechnology company Abivax set a price of $11.60 on Friday for its IPO on the Nasdaq, at the bottom of the indicative range of $11.60-13 that it had communicated this week.
This low price is not a real surprise given the current difficult market conditions, the Nasdaq Biotechnology Index having fallen by more than 8% over the past three months.
Abivax plans to market more than 20.3 new ordinary shares as part of its capital increase, including a public offering of 18.7 million in ADS (American Depositary Shares).
Based on the IPO price of $11.60, the total gross amount of the transaction is expected to reach approximately $235.8 million, or approximately €223.3 million.
The company plans to use the majority of these funds (around 160 million euros) to finance the development of its drug candidate obefazimod for the treatment of UC.
Trading in ADSs admitted to Nasdaq is scheduled to begin today under the symbol ‘ABVX’. In the meantime, the listing of Abivax shares remained suspended on the Paris Stock Exchange.