Dechert Advises Abivax on its Successful €49.2 Million Financing

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Sep 02, 2022, 13:12 ET

NEW YORK, Sept. 2, 2022 /PRNewswire/ -- Dechert advised Abivax on its successful €49.2 million financing with top U.S. and European biotech specialist investors. The financing was underwritten by new and existing biotech investors based in the U.S. and Europe and led by TCGX, with participation from Venrock Healthcare Capital Partners, Deep Track Capital, Sofinnova Partners, Invus and Truffle Capital.

The proceeds of the transaction will be used primarily to fund the advancement of Phase 3 clinical trials of obefazimod in the treatment of ulcerative colitis. The financing consists of a reserved capital increase of €46.2 million and the issuance of €2.9 million in royalty certificates.

The cross-border Dechert team advising Abivax was led by the corporate/M&A Paris team with partner Alain Decombe and associate Vianney Toulouse and included corporate/M&A partner Patrick Lyons in London and global finance counsel Joshua Strathman in Los Angeles.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.

SOURCE Dechert LLP