Abivax SA

The inflammatory bowel disease market across the seven major markets was valued at USD 21 billion in 2025, with the United States accounting for the largest share. The total number of incident cases of inflammatory bowel disease in the seven major markets was around 181 million in 2025. Growth is being fueled by the rising prevalence of Crohn's disease and ulcerative colitis, increased adoption of advanced biologic therapies, and the emergence of novel mechanisms of action targeting IL-23, TL1A, and S1P pathways. Key pipeline candidates include Abivax's ABX464, Merck's Tulisokibart, RedHill Biopharma's RHB-204, and Teva Pharmaceuticals and Sanofi's duvakitug, among others. The anticipated launch of these next-generation therapies is expected to reshape the treatment landscape and address unmet needs in biologic-refractory patients.

Jefferies upgraded Abivax to Buy from Hold and raised its price target to $158 from $108 after updated Phase 3 data for its lead drug candidate obefazimod alleviated concerns over previously reported malignancy cases and reinforced confidence in the therapy's efficacy. The brokerage said the latest ABTECT Part 2 update removed a key overhang on the stock, with management's explanation of the safety data and continued improvements in efficacy strengthening the investment case. Details disclosed suggest the non-melanoma malignancy cases are unlikely to be treatment-related, while any risk of non-melanoma skin cancer could likely be addressed through a warning label and monitoring recommendations rather than posing a significant regulatory obstacle. Obefazimod continues to demonstrate a strong efficacy profile in ulcerative colitis, particularly in maintenance treatment, with endoscopic remission data supporting its anti-inflammatory effects, increasing confidence ahead of Phase 2 Crohn's disease data expected in mid-2027. While Jefferies believes a strategic acquisition remains the preferred path given commercial demands, it sees Abivax having options to address its cash runway and further upside from regulatory progress and growing investor appreciation of the clinical data.

Abivax has priced its upsized public offering of American Depositary Shares, raising the deal size from the previously announced $600 million to $800 million. The offering consists of 6.4 million ADSs at $125.00 per ADS, representing a 2.39% premium to the three-day volume-weighted average price of its ordinary shares on Euronext Paris. Gross proceeds are expected to be approximately $800 million, or €702 million, before deducting underwriting commissions and expenses, and the company has granted underwriters a 15% option to purchase up to an additional 960,000 ADSs. Abivax intends to use the net proceeds to support potential commercialization of its lead drug candidate obefazimod in the United States, fund clinical development in ulcerative colitis and Crohn’s disease, and for general corporate purposes. The company estimates that the net proceeds, together with existing cash, will extend its cash runway into the second quarter of 2029. The offering is expected to close on July 6, 2026, with Leerink Partners, Morgan Stanley, Piper Sandler, and Guggenheim Securities acting as joint bookrunning managers.

ABIVAX Société Anonyme surged 38.6% after reporting positive results from Part 2 of its Phase 3 ABTECT Maintenance trial of Obefazimod for moderate-to-severe ulcerative colitis, showing meaningful clinical benefits in hard-to-treat patients and strengthening the drug's long-term safety profile. The company also announced a $600 million underwritten public offering of American Depositary Shares. ProMIS Neurosciences rose 22.4% with no specific news, as investors await 6-month interim data from the PRECISE-AD Phase 1b trial in early Q3 2026. Cuprina Holdings gained 45.7% following last month's FDA clearance of its MEDIFLY Maggots for wound debridement. First Tracks Biotherapeutics climbed 18.3%, with top-line data from its ANB033 celiac disease trial expected in Q4 2026. SS Innovations International advanced 17.9% after winning an industry award and reporting 11,719 cumulative procedures with its SSi Mantra surgical robotic system.

ABIVAX shares surged 27% after the company reported positive Phase 3 ABTECT Maintenance Part 2 results for obefazimod in refractory ulcerative colitis, demonstrating meaningful clinical benefit and reinforcing long-term safety. AeroVironment rallied 20% after posting record fiscal fourth-quarter results that beat estimates, with revenue more than doubling to $641.6 million and adjusted earnings per share of $1.84. On the losing side, Nuvectis Pharma fell 16% after pricing a public offering of 5 million shares at $20 each to raise $100 million, while Mama's Creations dropped 13% after pricing an offering of 5.56 million shares at $18 per share, also aiming to raise about $100 million.

Abivax shares surged 27% in early trading after the biotech reported positive topline supplemental data from its Phase 3 ulcerative colitis maintenance program. Obefazimod delivered meaningful clinical benefit in a highly refractory population, with 37.2% of induction non-responders achieving clinical remission and 34.5% achieving endoscopic remission at Week 44 following continued 50 mg treatment. Dose escalation to 50 mg recaptured clinical remission in 45.5% of patients who relapsed during ABTECT Maintenance Part 1, supporting a practical dose-escalation strategy. CEO Marc de Garidel said the expanded cumulative safety data strengthens confidence in the long-term safety profile and reinforces the favorable benefit-risk profile ahead of the planned NDA submission later this year.

Abivax reported first-quarter 2026 financial results, holding a cash position of €491.6 million that extends its runway into the fourth quarter of 2027. Research and development expenses rose to €49.5 million, driven by ongoing trials for new indications and Crohn's disease, while general and administrative costs declined due to lower personnel-related expenses. The company also released three-year interim data from its Study 108 trial of obefazimod in ulcerative colitis, showing that 68% of patients remained in clinical remission at week 144 after de-escalating from 50 mg to 25 mg once daily, with no new safety signals observed.