Abivax SA’s debut on the U.S. market received a somewhat chilly reception Oct. 20, as the firm priced on the low end of its proposed range and ended the first day of trading in the red. But the company managed to pull in about $235.8 million in gross proceeds, the majority of which will support late-stage efforts for obefazimod, an oral candidate with a novel mechanism of action it hopes to advance in the lucrative inflammatory bowel disease space.
Biopharma financings in 2023 – at $49.3 billion raised through the third quarter (Q3) – are tracking ahead of, or only slightly behind, several years since 2011, except for the two outlier years of 2020 and 2021 when there was a flurry of investments in response to the COVID-19 pandemic.
China is pushing to increase biopharma investment to woo foreign investors, and the State Council laid out policy areas to further incentivize foreign companies to expand their operations in the country. Among those policies are guaranteeing equal treatment of foreign-invested enterprises and domestic enterprises, particularly in government procurement activities.
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