Oddo BHF confirms its 'outperform' rating and 30 euro price target on Abivax, following the announcement of a financing agreement that extends the biopharmaceutical company's cash horizon 'until at least the end of the second quarter of 2024'.

It points out that this financing of up to 150 million euros comprises two structured financing transactions, half of which are with Kreos Capital/ Claret European Growth Capital and the remainder underwritten by Heights Capital Management.

The analyst also stated that he was 'convinced by the clinical benefits of obefazimod for UC patients, following the excellent Phase IIb results obtained in the induction and maintenance phase, which partly derisks Phase III'.

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