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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Abivax    ABVX   FR0012333284

ABIVAX

(ABVX)
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Abivax : Registration Document 2019 (EN)

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05/15/2019 | 10:14am EST

REGISTRATION DOCUMENT

2019

This Registration Document was filed with the French Financial Markets Authority (AMF) on 29 April 2019 as required by Article 212-13 of the AMF's General Regulation. This Registration Document may only be used in support of a financial transaction when supplemented by a transaction note approved by the AMF. It was prepared by the issuer and is binding on its signatories.

Copies of this Registration Document are available free of charge from the Company at 5 rue de la Baume, 75008 Paris, France, as well as electronically on the Company's website (www.abivax.com) and on the AMF's website (www.amf- france.org).

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CONTENTS

1. PERSONS RESPONSIBLE ...........................................................................................................................................

7

1.1.

Person responsible for the Registration Document ..........................................................................................

7

1.2.

Statement by the Responsible Person ..............................................................................................................

7

1.3.

Person responsible for financial reporting ........................................................................................................

7

2. STATUTORY AUDITORS ...........................................................................................................................................

8

2.1.

Principal statutory auditors ..............................................................................................................................

8

2.2.

Alternate statutory auditor ..............................................................................................................................

8

3. SELECTED FINANCIAL INFORMATION ......................................................................................................................

9

4. RISK FACTORS .......................................................................................................................................................

12

4.1

Risks related to the Company's business ........................................................................................................

12

4.2

Risks related to the Company's organisation ..................................................................................................

16

4.3

Regulatory and legal risks ...............................................................................................................................

17

4.4

Industrial risks ................................................................................................................................................

23

4.5

Financial risks .................................................................................................................................................

23

4.6

Market risks ...................................................................................................................................................

27

4.7

Insurance and risk coverage ...........................................................................................................................

29

4.8

Exceptional events and litigation ....................................................................................................................

31

5. INFORMATION ABOUT THE COMPANY .................................................................................................................

32

5.1

History and development of the Company .....................................................................................................

32

5.2

Investments ....................................................................................................................................................

35

6. OVERVIEW OF ACTIVITIES .....................................................................................................................................

36

6.1

General presentation of ABIVAX, a biotech company specialised in viral diseases .........................................

36

6.2

Overview of ABIVAX's main scientific assets ..................................................................................................

39

6.3

Detailed presentation of the main ABIVAX products ......................................................................................

46

6.4

Organisation of ABIVAX ..................................................................................................................................

66

6.5

Legal situation of the Company during the past financial year .......................................................................

70

7. ORGANISATIONAL CHART .....................................................................................................................................

72

7.1

Organisation of the Company .........................................................................................................................

72

7.2

List of subsidiaries, branches and secondary establishments .........................................................................

72

8. PROPERTY, PLANT AND EQUIPMENT ....................................................................................................................

73

8.1

Description of real property ...........................................................................................................................

73

8.2

Environmental matters ...................................................................................................................................

73

9. REVIEW OF RESULTS AND FINANCIAL POSITION ...................................................................................................

74

9.1

General presentation .....................................................................................................................................

74

9.2

Review of the financial position at 31 December 2018 ...................................................................................

74

10. CASH AND CAPITAL .............................................................................................................................................

83

10.1

Information on the Company's capital ...........................................................................................................

83

10.2

Cash flow ........................................................................................................................................................

85

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10.3 Borrowing conditions and financing structure ................................................................................................

86

10.4Restrictions on the use of capital which have materially affected or may materially affect the Company's

operations directly or indirectly .....................................................................................................................

87

10.5

Expected sources of funding ...........................................................................................................................

87

11. INVENTIONS, PATENTS, LICENCES, TRADEMARKS AND DOMAIN NAMES ............................................................

89

11.1

Innovation policy ............................................................................................................................................

89

11.2

Patents and patent applications .....................................................................................................................

89

11.3

Collaboration, research, service provision and licensing contracts granted by or to the Company ...............

102

11.4

Trademarks, trademark applications and domain names .............................................................................

104

12. TRENDS .............................................................................................................................................................

106

12.1

Outlook for 2019 ..........................................................................................................................................

106

12.2

Known trends, uncertainties, request for commitment or events that are reasonably likely to affect the

Company's outlook .......................................................................................................................................

106

13. PROFIT FORECASTS OR ESTIMATES ...................................................................................................................

107

14. ADMINISTRATIVE, MANAGEMENT, SUPERVISORY AND EXECUTIVE BODIES .....................................................

108

14.1

Executives, directors and non-voting directors .............................................................................................

108

14.2

Non-voting directors ....................................................................................................................................

116

14.3

Conflicts of interest of administrative and executive bodies ........................................................................

116

15. COMPENSATION AND BENEFITS ........................................................................................................................

117

15.1

Corporate officers' compensation ................................................................................................................

117

15.2

Sums provisioned by the Company for the payment of pensions, retirement benefits and other benefits to

corporate officers .........................................................................................................................................

121

15.3

Bonus shares, stock subscription warrants and stock subscription options granted to corporate officers ....

121

15.4

Elements of compensation and benefits due or that may be due owing to or subsequent to the termination of

office of Company executives .......................................................................................................................

122

15.5

Loans and guarantees granted to executives ................................................................................................

122

15.6

Compensation and benefits of corporate executive officers for 2019 ...........................................................

122

16. FUNCTIONING OF ADMINISTRATIVE AND MANAGEMENT BODIES ....................................................................

125

16.1

Management of the Company ......................................................................................................................

125

16.2

Information on the agreements between the executives and/or the directors and the Company ................

125

16.3

Board of Directors and specialised committees - Corporate governance .....................................................

125

16.4

Statement on corporate governance ............................................................................................................

128

16.5

Internal control relative to the preparation and processing of accounting and financial information ..........

130

16.6

Board of Directors' report on corporate governance ....................................................................................

130

16.7

Statutory auditors' report on the report of the Board of Directors on corporate governance ......................

130

17. EMPLOYEES .......................................................................................................................................................

131

17.1

Human resources ..........................................................................................................................................

131

17.2

Shareholdings and stock options of corporate officers .................................................................................

131

17.3

Shareholdings of employees .........................................................................................................................

131

17.4

Incentive and profit sharing contracts ..........................................................................................................

132

18.1

Breakdown of capital and voting rights ........................................................................................................

133

18.2

Major shareholders' voting rights .................................................................................................................

135

18.3

Control of the Company ...............................................................................................................................

135

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18.4

Agreements that could result in a change in control .....................................................................................

136

18.5

Pledging of Company shares .........................................................................................................................

136

18.6

Summary of transactions by persons mentioned in Article L. 621-18-2 of the French Monetary and Financial

Code carried out on Company securities by executives ................................................................................

136

18.7

Ownership disclosure thresholds ..................................................................................................................

136

18.8

Changes in share price ..................................................................................................................................

137

19. RELATED-PARTY TRANSACTIONS .......................................................................................................................

138

19.1

Intra-group agreements ...............................................................................................................................

138

19.2

Related-party transactions ...........................................................................................................................

138

19.3

Statutory Auditor's special reports for the year ended 31 December 2018 ...................................................

138

20. FINANCIAL INFORMATION ................................................................................................................................

141

20.1

Historical financial information ....................................................................................................................

141

20.2

Audit of the historical annual financial information .....................................................................................

168

20.3

Date of the latest financial information ........................................................................................................

175

20.4

Dividend policy .............................................................................................................................................

175

20.5

Results for the financial years ended since the Company's incorporation ....................................................

176

20.6

Legal and arbitration proceedings ................................................................................................................

177

20.7

Significant changes in the financial or trading position .................................................................................

177

20.8

Post balance sheet events ............................................................................................................................

177

21. ADDITIONAL INFORMATION .............................................................................................................................

178

21.1

Share capital .................................................................................................................................................

178

21.2

Factors likely to have an impact in the event of a public offering .................................................................

195

21.3

Charter and Articles of Association ...............................................................................................................

196

22. MAJOR CONTRACTS ..........................................................................................................................................

209

22.1

Collaboration and research and development contracts ..............................................................................

209

22.2

Main contracts for the provision of services and mandates with clinical research organisations (CRO) and

centralised laboratories ................................................................................................................................

209

22.3

Trademark transfer agreement ....................................................................................................................

210

22.4

Bpifrance aid contracts (grants and/or repayable advances) ........................................................................

210

22.5

Other financial agreements ..........................................................................................................................

213

23. INFORMATION FROM THIRD PARTIES, EXPERT DECLARATIONS AND DECLARATIONS OF INTERESTS ................

214

23.1

Names of experts .........................................................................................................................................

214

23.2

Names of third parties ..................................................................................................................................

214

24. PUBLICLY AVAILABLE DOCUMENTS ...................................................................................................................

215

25. INFORMATION ON EQUITY INTERESTS ..............................................................................................................

216

26. MANAGEMENT REPORT CROSS-REFERENCE TABLE ...........................................................................................

217

26.1

Cross-reference table with the annual financial report .................................................................................

217

26.2

Cross-reference table with the management report .....................................................................................

217

26.3

Cross-reference table with the report on corporate governance ..................................................................

218

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GENERAL REMARKS

GENERAL REMARKS

This Registration Document was prepared on the basis of Annex I to European Regulation No. 809/2004.

Definitions

In this Registration Document, and unless otherwise specified:

the terms "Abivax" or "Company" denote Abivax, a société anonyme (limited company) whose registered office is located at 5 rue de la Baume, 75008 Paris, France, registered with the Trade and Companies Register of Paris under number 799 363 718

the term "Group" denotes the Company and its former subsidiaries:

-Splicos, a société par actions simplifiée (simplified joint stock company) whose registered office was located at 1919, route de Mende - Campus CNRS Languedoc Roussillon - 34293 Montpellier Cedex 5, France, registered with the Trade and Companies Register of Montpellier under number 504 586 017, merged with Abivax through the universal transfer of assets and liabilities on 31 October 2014;

-Wittycell, a société par actions simplifiée (simplified joint stock company) whose registered office was located at 8 bis rue Gabriel Voisin, 51100 Reims, France, registered with the Trade and Companies Register of Reims under number 484 030 366, merged with Abivax through the universal transfer of assets and liabilities on 31 July 2014;

-Zophis, a société par actions simplifiée (simplified joint stock company) whose registered office was located at 5 rue de la Baume, 75008 Paris, France, registered with the Trade and Companies Register of Paris under number 530 959 410, merged with Abivax through the universal transfer of assets and liabilities on 31 July 2014.

5 | 2 0 1 9 R E G I S T R A T I O N D O C U M E N T

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Disclaimer

Abivax SA published this content on 15 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 May 2019 14:12:08 UTC

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Financials (EUR)
Sales 2019 0,28 M
EBIT 2019 -23,4 M
Net income 2019 -19,9 M
Finance 2019 0,70 M
Yield 2019 -
P/E ratio 2019 -7,11x
P/E ratio 2020 3,03x
EV / Sales2019 616x
EV / Sales2020 2,09x
Capitalization 170 M
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Technical analysis trends ABIVAX
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 27,32  €
Last Close Price 14,46  €
Spread / Highest target 170%
Spread / Average Target 88,9%
Spread / Lowest Target -9,41%
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Managers
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Hartmut J. Ehrlich Chief Executive Officer
Philippe Pouletty Chairman
Didier Blondel Chief Financial Officer & Secretary
Didier Scherrer Vice President-Research & Development
Jean-Marc Steens Chief Medical Officer
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