Abivax CEO says $920M raise lets it launch its bowel disease drug in the U.S. solo

The French biotech plans to use proceeds to commercialize obefazimod in the U.S. through 2029, CEO Marc de Garidel told CNBC

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A $920 million share offering completed last week has given Abivax enough financial runway to bring its bowel disease drug to the American market independently, without relying on a partnership with a major pharmaceutical company, CEO Marc de Garidel said Friday.

"Thanks to the cash we raised… We are in a position to have cash until the end of 2029, and … build up the right infrastructure to launch in the U.S.," de Garidel told CNBC's "Squawk Box Europe."

The $920 million in gross proceeds — yielding roughly $874 million after underwriting commissions and expenses — came after underwriters........

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