French biotech Abi­vax makes Nas­daq de­but, aim­ing to raise $236M to get PhI­II da­ta in IBD

Abi­vax start­ed trad­ing Fri­day on the Nas­daq, as the decade-old Paris-based start­up aims to raise about $236 mil­lion to get Phase III re­sults for its in­flam­ma­to­ry bow­el dis­ease pill.

The of­fer­ing ar­rives dur­ing a lengthy biotech mar­ket down­turn that has re­sult­ed in few IPOs. Jor­dan Saxe, head of Nas­daq’s health­care list­ings, had said he ex­pect­ed five to 10 biotechs to hit the mar­ket be­tween La­bor Day and Thanks­giv­ing. Abi­vax, which has trad­ed on the Eu­ronext Paris ex­change since 2015 and cur­rent­ly car­ries a mar­ket cap­i­tal­iza­tion of about $500 mil­lion, fol­lows oth­er late-stage biotechs re­cent­ly go­ing pub­lic on the Nas­daq like Neumo­ra, Rayze­Bio, and Ad­lai Nortye. All have on­go­ing Phase III stud­ies.

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