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French biotech Abivax files for proposed $100M US IPO

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Abivax (ABVX), a French developer of gastrointestinal drugs, has filed for a proposed $100M US IPO.

The biotech company didn’t specify any terms in its SEC filing, but indicated in a filing fee schedule that it was seeking to raise around $100M, a figure that is likely a placeholder and subject to change.

Abivax hopes to list its shares on Nasdaq under the symbol ABVX. The company’s ordinary shares currently trade under the same symbol on Euronext Paris. Bookrunners on the deal include Morgan Stanley, Leerink Partners, LifeSci Capital and Bryan, Garnier & Co.

Based in Paris, Abivax’s lead drug candidate, obefazimod, is in Phase 3 testing for moderate-to-severe ulcerative colitis. The company is planning to initiate Phase 2 testing of the drug for Crohn’s disease.

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