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ABIVAX Launches IPO on the Regulated Market of Euronext in Paris
Share capital increase of €43,6 million, that can reach a maximum of €57,7 million after exercise of the Extension Clause and of the Overallotment Option
Subscription undertakings representing €33 million
Indicative price range: €18.26 - €24.34 per share
Placement period: from June 5 to June 22
Eligible for French PEA PME investment regime
PARIS-- Regulatory News:
ABIVAX (Paris: ABVX) DEVELOPS NOVEL MEDICINES TO CONTROL LIFE-THREATENING VIRAL DISEASES
ABIVAX's goal is to become one of the global leaders of anti-viral treatments
Two first in class products with long-lasting effect in advanced clinical trials, that have demonstrated efficacy against chronic Hepatitis B and safety in the treatment of HIV
A unique anti-viral platform "killing" viral RNA
Pioneering partnerships with Cuban Excellence in vaccines and anti-virals
ABIVAX, a clinical stage biotech company specializing in the discovery, development and commercialization of anti-viral compounds and human vaccines, today announced the launch of its Initial Public Offering (IPO) on Euronext's regulated market in Paris (Euronext Paris). The French Autorité des marchés financiers (AMF) has granted visa number 15-255 dated June 4, 2015 to the French prospectus relating to the IPO of ABIVAX, which comprises a registration document registered with the AMF May 19th with the number I.15-040 and a securities note (including a summary of the prospectus).
HIGHLIGHTS OF THE OFFERING
Indicative price range: €18.26 to €24.34 per share
Global Placement aimed primarily at institutional investors in France and in certain other countries, excluding notably the United States of America, Canada, Australia, and Japan (the "Global Placement") and a public offering in France in the form of an open price aimed primarily at retail investors (the "OPO")
Initial size of the Offering: 2,046,949 new shares to be issued through a share capital increase, i.e. approximately €43.6 million (based on the midpoint of the indicative price range at €21.3 per share); the size of the offering includes €2 million of debt offset
Extension Clause: a maximum of 307,042 additional new shares. Following full exercise of the Extension Clause, the Offering can reach a maximum of 2,353,991 new shares, i.e. an Offering size of approximately €50.1 million (based on the midpoint of the indicative price range)
Overallotment option: a maximum of 353,098 additional new shares. Following full exercise of the overallotment option, the Offering can reach a maximum of 2,707,089 new shares, i.e. an Offering size of approximately €57.7 million (based on the midpoint of the indicative price range)
Closing of the Offering : June 22 2015, 6:00 pm CET
Determination of the Offering Price planned on June 23. Beginning of trading on the regulated market of Euronext in Paris due on June 26 (ISIN: FR0012333284; Ticker ABVX)
SUBSCRIPTION UNDERTAKINGS OF UP TO €33 MILLION
The funds managed by Truffle Capital have made a commitment to participate in this Offering for an order of up to €5 million, i.e. 11.5% of the gross amount of the Offering (excluding the Extension Clause and the OverAllotment Option). This subscription commitment will be carried out as follows: as a debt off-set of €2 million as a cash contribution and up to €3 million in cash.
Moreover, 5 new investors, Aviva Investors (€11 million), Amundi Groupe (€4 million), SCOR Global Investments (€2 million), Dr Antonio Ligresti (€10 million) and Jacques Veyrat (€1 million) have committed to participate in the Offering for a total amount of €28 million, ie 64.2% of the gross amount of the Offering (excluding exercise of the Extension Clause and Overallotment Option)
The total amount of received subscription undertakings is €33 million, ie:
75.69% of the gross amount of the Offering, based on the midpoint of the indicative price range (€21.3 per share) before exercise of the Extension Clause and Overallotment Option (2,046,949 new shares) ;
57.23% of the gross amount based on the midpoint of the indicative price range (€21.3 per share) after exercise of the Extension Clause and Overallotment Option (2,707 089 new shares).
ABIVAX is a biotechnology company focused on becoming one of the global leaders in the discovery, development and commercialization of anti-viral compounds and human vaccines to treat some of the world's most life-threatening viral diseases, including chronic Hepatitis B (CHB) and HIV/AIDS, as well as Ebola, Dengue and Chikungunya. The Company is based in Paris, Evry and Montpellier (France).
ABIVAX's key strengths and strategic priorities are:
Two lead compounds: ABX203 (chronic Hepatitis B) and ABX464 (HIV/AIDS) have delivered results to-date suggesting that they can respectively bring real advantages to the treatment of chronic Hepatitis B (World Health Organization/WHO estimates 2 billion people worldwide have been infected with Hepatitis B, including 350 million patients with the chronic form of this disease) and HIV/AIDS (ABIVAX estimates total worldwide costs of treating AIDS of up to $18 billion annually). They could be marketed as soon as 2017 and 2020 respectively;
Pioneering relationships with Cuba's world-class vaccine institutes as a way to build its product pipeline;
Current clinical trials likely to confirm long term control of viral load and potential to serve as a functional cure along with simpler, more cost effective treatment regimens;
IPO that aims to finance the clinical development programs for both lead products and specifically pivotal study in Asia for ABX203 in the treatment of chronic Hepatitis B and Phase II clinical trial against HIV/AIDS.
Together with a highly experienced and international management team, this strategy will enable ABIVAX to achieve a number of important milestones in the treatment of viral disease.
Professor Hartmut Ehrlich, M.D., CEO of ABIVAX, said: "ABIVAX was founded to become a global leader for the treatment of severe and life-threatening viral infections. Our two lead compounds ABX203 (chronic Hepatitis B) and ABX464 (HIV/AIDS), both first-in-class anti-virals, have delivered results to-date that suggest that they can substantially improve the treatment options for patients with chronic Hepatitis B and HIV. We are confident that the current clinical trials with these compounds will confirm and extend their clinical differentiation of long-term control of viral load in the patients. With our advanced clinical development pipeline, our prestigious research partnerships around the world and a highly experienced management team, ABIVAX has the key elements needed to deliver its value creation strategy."
ABIVAX: a pioneering biotech company with an advanced pipeline already in clinic
ABIVAX has 2 first-in-class compounds in advanced clinical development: ABX203, a therapeutic vaccine that could be a cure for chronic Hepatitis B and ABX464, a novel small molecule against HIV with a number of important potential competitive advantages, including the lack of induced resistance and a long-lasting effect. The broader ABIVAX portfolio includes additional anti-viral compounds that may enter the clinical phase in the coming 12-18 months.
Alongside its cutting-edge technology, ABIVAX has also pioneered relationships with Cuba's world-class vaccine institutes (CIGB - Center for Genetic Engineering and Biotechnology, Finlay Institute) as a way to build its product pipeline. Through these relationships, ABIVAX has secured broad access to Cuban R&D and product manufacturing. Today, the Cuban life science industry is based on world-class science and cutting-edge technology research.
These relationships have already resulted in a number of important deals for ABIVAX including the exclusive in-licensing of ABX203 (chronic Hepatitis B) and of a novel antiviral compound against Dengue, and the acquisition of the distribution rights of three commercial vaccines against Typhoid, Meningococcus B&C and Leptospirosis, for which ABIVAX has acquired exclusive and non-exclusive distribution rights. These three vaccines could be marketed as early as 2015, subject to the signing of distribution agreements with local partners. ABIVAX is also in advanced discussions to acquire other products already at clinical stage.
ABX203: a therapeutic vaccine against chronic Hepatitis B currently in pivotal trial
ABX203 is a therapeutic vaccine composed of 2 recombinant proteins from the Hepatitis B vaccine, the surface antigen (HBsAg) and the nucleocapsid (core) structure (HBcAg). This combination of antigens has been designed to induce immune response in patients suffering from chronic Hepatitis B.
Hepatitis B virus (HBV) infection is a major public health problem worldwide. People infected with HBV can develop persistent infection, which can lead to chronic disease and death from cirrhosis or liver cancer (hepatocellular carcinoma). According to the World Health Organization (WHO), an estimated 2 billion people worldwide have been infected with HBV, and more than 350 million people, or 5% of the world's population, have chronic, lifelong infections. Around 1 to 1.5 million patients die every year due to the consequences of viral Hepatitis B.
ABX203 was in-licensed in 2013 from the CIGB, following the completion of successful phase I, I/IIa and II/III clinical trials run by CIGB in Cuba and Bangladesh. ABIVAX owns an exclusive license to develop and commercialize ABX203 in more than 80 countries in Asia, Europe and Africa.
A pivotal Phase IIb/III study with ABX203 is currently recruiting patients in the Asia-Pacific region under the responsibility of ABIVAX. Previous clinical studies have revealed that ABX203 can deliver a significant improvement in the treatment of chronic Hepatitis B via controlling viral load for a much longer period of time when compared to current treatment options. ABX203 could be marketed as soon as 2017.
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