Foley & Lardner LLP represented TCG Crossover (TCGX) as the lead investor in the successful, oversubscribed EUR 130 million cross-over financing for Abivax. Additional investors included existing investors Invus, Deep Track Capital, Sofinnova Partners, Venrock Healthcare Capital Partners, as well as new investors Great Point Partners, LLC, Deerfield Management Company, Commodore Capital, Samsara BioCapital, Boxer Capital, and others.
This is the second time the firm has represented TCGX in their investment in Abivax, representing them in a previous investment round last year.
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. Proceeds from this investment will be primarily used for further advancing the obefazimod pivotal Phase 3 clinical trial program in ulcerative colitis, expanding the cash runway until the end of the second quarter of 2024.
Foley Partner Louis Lehot led the deal team.