Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world.
Gide is physically present in six regions of the world, with 11 offices, enabling it to act on cases globally.
24 October 2023
Deals | France | United States | FIN
Gide advised the underwriters Morgan Stanley, Leerink Partners, LifeSci Capital et Bryan Garnier & Co (the "Banks") on the $235.8 million initial public offering ("IPO") on the Nasdaq Global Market ("Nasdaq") of Abivax by way of a capital increase of approximately €223.3 million.
This transaction is the largest ever IPO by a French-listed biotech company on the Nasdaq and the first Nasdaq IPO of a European biotech since the Nasdaq IPO of Valneva in mid-2021, where Gide already advised the underwriters.
Gide has now been involved in 9 out of the last 10 French IPOs on the Nasdaq, confirming the leadership of our ICM team in this challenging and innovative field.
In February, Gide had already advised the Banks in the successful €130 million oversubscribed cross-over financing of Abivax with Top-Tier U.S. and European biotech investors. It was the largest private placement of a biotech company listed only on Euronext Paris.
In the context of this IPO, Abivax issued 20,325,500 new ordinary shares, by way of a public offering of 18,699,460 ordinary shares in the form of American Depositary Shares (ADSs) in the United States, and a concurrent offering of 1,626,040 ordinary shares in certain jurisdictions outside of the United States to certain investors.
The ADSs have been approved for listing on the Nasdaq and the Company's ordinary shares are listed on the regulated market of Euronext Paris.
Abivax is a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to modulate the immune response in patients with chronic inflammatory diseases.
Gide's international capital markets team was led by partner Guilhem Richard, assisted by Mariléna Gryparis, Mélanie Simon-Giblin and Shanna Kim, associates, and Yasmine Tanji, lawyer, and partner Alexandre Bochu on tax aspects.
The Banks were also advised by Latham & Watkins LLP on U.S. law matters.
Abivax was advised by Cooley LLP on U.S. law matters and Dechert LLP on French law matters.
