Foley & Lardner LLP recently represented TCG Crossover (TCGX) as the lead investor in the successful, oversubscribed EUR 49.2 million crossover financing for Abivax. TCGX was joined by additional investors, Venrock Healthcare Capital Partners, Deep Track Capital, Sofinnova Partners, Invus, and Truffle Capital.
Abivax is a phase 3 clinical-stage biotechnology company harnessing the immune system to develop novel treatments for inflammatory diseases, viral diseases, and cancer. Abivax is publicly listed on Euronext Paris.
The financing consisted of a EUR 46.2 million reserved equity capital increase and a EUR 2.9 million issuance of royalty certificates. It will be primarily used for further advancing the obefazimod global phase 3 clinical study program in ulcerative colitis, expanding the cash runway to the end of Q1 2023.
The Foley team was led by Partner Louis Lehot and included Partners Andy Rawlins and Raj Tanden, as well as Associates Ashley Lee and Stephen Moore. The team worked with French co-counsel Laurent Beauvoit from Lexelians in Paris.
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