Commenting on reports that Eli Lilly (LLY) has approached the French government to acquire Abivax (ABVX), Marc de Garidel, CEO of the Paris-based biotech, denied that such a discussion took place, Reuters reported on Tuesday.
“There was no discussion on the acquisition of Abivax… if there was a conversation, this would be illegal,” de Garidel, who has a history of leading biotech M&A deals with Big Pharma, said in an interview.
His comments follow Abivax’s (ABVX) meteoric surge in value recently after French publication La Lettre reported in December that Indiana-based Lilly (LLY) held discussions with the Government of France over its plans to acquire the company. The French government and Abivax (ABVX) have denied the reports.
“The first step before engaging the government on this foreign direct investment regulation, there must be a step number one: a public transaction communicated between the acquirer and the acquiree. That has not happened.”
Abivax (ABVX) shares have jumped more than 1,700% over the past 12 months amid buyout rumors and promising late-stage trial data for its lead asset, obefazimod, against an inflammatory bowel disease called ulcerative colitis.
“The noise around this potential acquisition is a distraction, but our duty is not to be distracted,” de Garidel added.