Abivax Confident About Securing Success Stateside
The French group has just listed on the NASDAQ and while its stock has already taken a couple of hits, CEO Marc de Garidel has faith that the firm’s IBD drug obefazimod will be a major player in the space.
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Public Company Edition: PTC sold more of its Evrysdi royalties to Royalty Pharma for $1bn. Abivax gained $235.8m in an IPO and concurrent private placement, while Cerevel grossed $450m and Nuvalent and Ultragenyx raised $300m each in follow-on offerings, but Freeline is reviewing strategic options.
The first $1bn quarter since 2021 suggests that biotech’s IPO window is opening once more. But times remain tough, and many recently listed groups have seen their valuations fall.
MORF-057, addressing the same target as Takeda blockbuster Entyvio, shows efficacy and safety in ulcerative colitis. Various companies have sought an oral competitor to established biologics in UC.