Abibax plans to raise capital after announcing important clinical trial data in June, the company’s CEO told CNBC on Tuesday, signaling to potential buyers of the company that the company is in no rush to sell.
The French biotech company has been surrounded by intense takeover rumors for months, weighing on its volatile stock price, which has risen nearly 1,700% in 2025. Analysts see the company as a prime acquisition target, with several pharmaceutical giants rumored as potential buyers.
A second late-stage study evaluating the long-term maintenance efficacy of Avivax’s only asset, obefazimod, is expected to be announced later in the second quarter. The company said it plans to apply for U.S. Food and Drug Administration approval in the fourth quarter if the data is positive.
The drug is widely seen as a potential best-in-class treatment for ulcerative colitis and is also being tested as a treatment for Crohn’s disease, opening the door to a multibillion-dollar market for irritable bowel syndrome (IBS).
When asked about future partnerships and deals, Avivax CEO Marc de Garidel said: “If it’s outside the US, it would be more logical to wait until after maintenance, because as you know, conditions will be better… We are confident that this study will be interpreted positively.”
With three months left until the company’s announcement, “why rush?” he said.
Investors see the upcoming test results as a major turning point for the company, and potential buyers are also watching closely.
De Garidel said it was “very likely” that Avivax would raise capital through a combination of equity financing and debt after the maintenance data. “We are currently evaluating how much money we need to raise by, say, late June… to be profitable,” he said, adding that the amount raised would be at least in the millions.
The company has consistently stressed that it has enough cash to continue operations until the end of 2027, and on Monday reported a cash pile of 530 million euros ($613 million) at the end of 2025. Last July, the company raised nearly $750 million, shortly after another clinical trial sent its stock up 510% in one day.
Avivax’s stock price has soared over the past 12 months.
Avivax appears to be sending a signal to potential buyers that there is no need to rush to secure an offer. Also, late Monday, the original Takeda Vice President Michael Nesralla will become Chief Commercial Officer.
Research and development expenses in 2025 increased by EUR 31.2 million to EUR 177.8 million. De Garridel told CNBC that overall expenses, primarily from commercial expenses, will increase in late 2026 and into 2027, and also highlighted that there will be more major hires on the commercial side over the next six months.
Van Ranschot Kempen analyst Sebastian van der Schoot said biotech companies nearing launch should always be prepared to go it alone without support from larger peers or acquisitions.
“But the overall premise is that it will be acquired before approval and before launch,” van der Schoot said, adding that the positive evaluation from the retention trial is already largely factored into the company’s stock price.
Stifel analyst Damian Choplein said earlier this month that given the strength of Avivax’s initial data and the scarcity of comparable assets, he expects a trade could occur ahead of the maintenance data readout, even if value could be maximized with a post-data readout.
De Garidel said a global launch was too much for the still small company, which currently only has about 150 employees.
He added, “After the maintenance announcement, we will look for partners based on interested companies and their company profiles, with the aim of launching outside the United States.”
But U.S. President Donald Trump’s so-called most-favored-nation policy, which aims to eventually launch obefazimod outside the United States, is complicating matters. MFN refers to pegging U.S. drug prices to the lowest level paid in comparable countries.
If the company does eventually find a partner outside the U.S., “we have to keep in mind that everything this partner does outside the U.S. is not going to jeopardize what happens in the U.S.,” de Garridel said.
