STOCK RADAR
Filed
ABVXAbivax S.A.Nasdaq

Abivax S.A. Completes Public Offering of ADSs

6-KDilution RiskbearishImpact65

ABVX Price

Chart unavailable
N/A$0.00 (+0.00%)
Chart unavailable

Abivax S.A. has completed a public offering of 10,156,000 ADSs, raising approximately $608.6 million, which introduces dilution risk for current shareholders

Financing Snapshot

Offering Size
10,156,000 ADSs
Public Offering Price
$64.00 per ADS
Net Proceeds
$608.6 millionAfter underwriting discounts and estimated expenses
Closing Date
July 28, 2025Subject to customary closing conditions

Abivax S.A. announced the completion of a public offering of 10,156,000 American Depositary Shares (ADSs), each representing one ordinary share, at a price of $64.00 per ADS. The offering is expected to yield net proceeds of approximately $608.6 million after deducting underwriting discounts and estimated expenses. This transaction, made effective through a Form F-3 registration statement, introduces a significant amount of new equity, posing a dilution risk to existing shareholders

Score65

Score Rationale

bearish

The substantial equity issuance dilutes existing shareholders, impacting their proportional ownership and potential future returns.

Share Overhang

Fixed common-equivalent supply compared with the disclosed share basis.

Dilution vs Current Shares13.8%Counted supply versus share basis
AShares Outstanding73,432,835BOrdinary Shares Issued10,156,000
A
Shares OutstandingAs of 2026-07-18T03:13:26.063Z
Baseline73,432,835
B
Ordinary Shares Issued
Counted10,156,000
Dilution vs Current Shares (of current shares outstanding)10,156,000/73,432,835=13.8%

The headline percentage reflects the direct issuance of new shares and excludes any potential future issuance from options or warrants not detailed in this filing.

Offering Details

Key terms
Underwriter
Leerink Partners LLC, Piper Sandler & Co. and Guggenheim Securities, LLC
Agreement Date
July 23, 2025
Use of Proceeds
General corporate purposes
Registration Statement
Form F-3 (File No. 333-288884)

Instrument Details

Key terms
TypeShares / SecuritiesExercise / Conversion PriceReset / FloorTerm / Limits
ADS10,156,000 ADSs (Each representing one ordinary share)$64.00
AdvertisementResponsive display
AdvertisementResponsive display

ABVX Market Context

SectorHealthcare
IndustryBiotechnology
Market Cap$10.03B
Shares Outstanding73.43M
Public Float60.56M
Public Float %82.5%
AdvertisementResponsive display
AdvertisementResponsive display

Original Filing Text

SEC filing text preserved from the raw item store.

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number: 001-41842

 

 

Abivax SA

(Translation of registrant’s name into English)

 

 

7-11 boulevard Haussmann

75009 Paris, France

+33 (0) 1 53 83 08 41

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

 

 
 


Underwriting Agreement

On July 23, 2025, Abivax SA (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Leerink Partners LLC, Piper Sandler & Co. and Guggenheim Securities, LLC, as representatives of the several underwriters named therein (the “Underwriters”), in connection with the issuance and sale by the Company in a public offering (the “Offering”) of 10,156,000 American Depositary Shares (“ADSs”), each representing one ordinary share of the Company, nominal value €0.01 per share (the “Ordinary Shares”), at a public offering price of $64.00 per ADS. Net proceeds to the Company from the Offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be approximately $608.6 million (€519.0 million).

The Offering was made pursuant to the Company’s automatic shelf registration statement on Form F-3 (File No. 333-288884) filed with the Securities and Exchange Commission (the “SEC”) on July 23, 2025 and effective upon filing, as supplemented by a preliminary prospectus supplement dated July 23, 2025, filed with the SEC on July 23, 2025, and a final prospectus supplement dated July 23, 2025, filed with the SEC on July 24, 2025. The Offering is expected to close on July 28, 2025, subject to customary closing conditions.

The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act, and other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.

The foregoing description of the Underwriting Agreement is not complete, does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed herewith as Exhibit 1.1 and incorporated by reference herein.

The legal opinion of Dechert (Paris) LLP relating to the legality of the issuance and sale of the Ordinary Shares underlying the ADSs offered in the Offering is filed herewith as Exhibit 5.1 and incorporated by reference herein.

This Report on Form 6-K, including the information contained in Exhibits 1.1, 5.1 and 23.1, shall be deemed to be incorporated by reference into the Company’s Registration Statements on Form F-3 (File Nos. 333-288884 and 333-283336) and Form S-8 (File No. 333-286069) and to be part thereof from the date on which this Report is filed, to the extent not superseded by documents or reports subsequently filed.

Exhibit Index

 

1.1    Underwriting Agreement, dated as of July 23, 2025, among the Company and Leerink Partners LLC, Piper Sandler & Co. and  Guggenheim Securities, LLC, as representatives of the several Underwriters named therein
5.1    Opinion of Dechert (Paris) LLP, French counsel to the Company
23.1    Consent of Dechert (Paris) LLP (included in Exhibit 5.1)


Forward-Looking Statements

Statements in this Report on Form 6-K that are not strictly historical in nature, including statements regarding the Company’s expectations with respect to the closing of the Offering and the receipt of gross proceeds, are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including market risks and uncertainties and risks relating to the satisfaction of customary closing conditions for an offering of securities. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of this report. The Company undertakes no obligation to publicly update or revise the information in this report, including any forward-looking statements, except as may be required by law.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

      Abivax SA
      (Registrant)
Date: July 24, 2025      

/s/ Marc de Garidel

      Marc de Garidel
      Chief Executive Officer