On Friday, French biotech company Abivax set a price of $11.60 for its initial public offering (IPO) on the Nasdaq, at the bottom of the $11.60-13 guidance range it had announced this week.

This low price comes as no real surprise given the difficult market conditions prevailing at the moment, with the Nasdaq Biotechnology Index having fallen by more than 8% over the past three months.

Abivax plans to issue more than 20.3 new ordinary shares as part of its capital increase, including a public offering of 18.7 million American Depositary Shares (ADSs).

Based on the IPO price of $11.60, the total gross amount of the transaction is expected to reach around $235.8 million, or some 223.3 million euros.

The company plans to use the bulk of these funds (around 160 million euros) to finance the development of its obefazimod drug-candidate for the treatment of UC.

Trading of the ADSs admitted to the Nasdaq is due to start today under the ticker symbol 'ABVX'. In the meantime, Abivax shares remain suspended from trading on the Paris Bourse.

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