Abivax SA (NASDAQ:ABVX, EPA:ABVX), a French biotechnology firm, saw its US-listed shares jump more than 11% on rumors it may be acquired by Eli Lilly and Co (NYSE:LLY).
First reported by Reuters, neither Abivax nor Eli Lilly have confirmed the reports. An Eli Lilly spokesperson declined to comment on “business development activity,” while Abivax said it would not comment on market rumors.
Abivax is developing obefazimod, a treatment for ulcerative colitis, which delivered positive Phase 3 trial results in July 2025.
Those results drove the company’s shares up more than 500% in a single day and coincided with a filing for an offering of up to $400 million in American Depositary Shares.
Shares of Abivax traded hands at about $137 late morning on Wednesday, representing an almost 1,800% surge in the year to date.