Abivax SA’s (NASDAQ:ABVX) stock is trading higher on Wednesday.
The stock reacted to market rumours that U.S. pharma giant Eli Lilly and Co (NYSE:LLY) could make an offer.
• Abivax stock is charging ahead with explosive momentum. Check out ABVX shares here.
The “share price movement is driven by speculation around a possible takeover,” Stifel analyst Damien Choplain told Reuters.
Over the past six months, the Paris-based company’s stock has surged by over 1,500% as per data from Benzinga Pro.
Abivax stock skyrocketed in July after the company announced overwhelmingly positive topline results from its Phase 3 ABTECT-1 (Study 105) and ABTECT-2 (Study 106) eight-week induction trials for oral obefazimod (ABX464) in adult patients with moderately to severely active ulcerative colitis.
The company achieved a significant breakthrough with its experimental treatment, which demonstrated impressive efficacy and offers new promise to patients afflicted with this chronic inflammatory bowel ailment.
In October, Abivax shared additional clinical data for obefazimod at the United European Gastroenterology Meeting.
In the pooled ABTECT 1 & 2 trials, treatment with once-daily obefazimod 50mg achieved clinically meaningful improvements in clinical response across all subgroups, including participants with prior advanced therapy inadequate response.
Also Read: Long-Term Study Shows Sustained Remission With Eli Lilly’s Ulcerative Colitis Drug
Other Eli Lilly Acquisition Targets
In August, Eli Lilly’s issuance of a 40-year bond is fueling speculation that the pharmaceutical giant may be preparing for a major acquisition, with Viking Therapeutics Inc. (NASDAQ:VKTX) emerging as a potential target.
In June, Eli Lilly agreed to acquire Verve Group SE (NASDAQ:VERV), a Boston-based clinical-stage company developing genetic medicines for cardiovascular disease.
Lilly offered to purchase Verve for $10.50 per share in cash, an aggregate of approximately $1 billion, plus one non-tradeable contingent value right per share that entitles the holder to receive up to an additional $3 per share, for a total potential consideration of up to $13.50 per share in cash, an aggregate of up to approximately $1.3 billion.
ABVX Price Action: Abivax stock is up 4.28% at $128.30 at publication on Wednesday.
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