French Biotech Company Abivax Shares Soar 24% Amid Renewed Takeover Chatter

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French Biotech Company Abivax Shares Soar 24% Amid Renewed Takeover Chatter

Reuters01-12

Shares in Abivax soared 24% in premarket trading after a media report said U.S. pharma giant Eli Lilly was still interested in buying the French biotech company.

French media La Lettre reported on Monday that Eli Lilly was ready to buy Abivax for 15 billion euros ($17.5 billion).

Abivax did not immediately respond to a Reuters request for comment.

As of 0820 GMT, the Paris-listed stock was on track for its biggest one-day jump since July 23, when it closed more than 500% higher on the back of positive results from a late-stage trial for its key drug obefazimod in the treatment of ulcerative colitis.

"Following positive Phase III induction data in ulcerative colitis, Abivax has become a highly attractive late-stage M&A target," brokerage Kepler Cheuvreux said in a note to clients.

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