Abivax Increases Global Offering Size for Uplisting to Nasdaq
Abivax plans to uplist to Nasdaq with an expanded global offering, aiming to raise $250 million. The company's promising drug, obefazimod, is currently in Phase III trials for ulcerative colitis treatment.
Troy D. Hanson
October 19, 2023
Abivax S.A. has announced an increase in the size of its global offering as part of its uplisting to the Nasdaq stock exchange. The company plans to raise approximately $250 million through the offering, with underwriters Morgan Stanley and Leerink leading the process. The stock will trade under the ticker symbol "ABVX" and is expected to begin trading on Friday.
The global offering has been expanded to 20.33 million shares, up from the initial 18.68 million shares. The increased offering reflects Abivax's goal to strengthen its presence on the Nasdaq and further enhance its market position.
The estimated price range for the shares is set between $11.60 and $13 per share. This pricing strategy aims to attract potential investors while also maximizing the offering's value for Abivax.
Uplisting vs. IPO
Although this move to the Nasdaq represents a significant milestone for Abivax, it is important to note that it is not classified as an initial public offering (IPO). Instead, it signifies the company's transition from Euronext Paris to the Nasdaq as a listed entity.
Abivax's Promising Drug
Abivax is a clinical-stage biotechnology company with a focus on developing innovative therapies. One of its flagship drugs, obefazimod, is currently in Phase III trials for the treatment of ulcerative colitis. The company's uplisting to the Nasdaq is expected to provide increased visibility and support for its ongoing clinical research efforts.
Abivax's global offering involves two components: American depositary shares (ADS) in the United States and additional shares through a private placement in Europe. This dual approach caters to both domestic and international investors, expanding Abivax's potential reach and attracting a diverse shareholder base.
As the company prepares to make its debut on the Nasdaq, it is poised to embark on an exciting new chapter in its growth journey.