Eli Lilly's Alleged Pursuit of Abivax Sparks Frenzy Amid Denials

France's Finance Ministry refutes reports of Eli Lilly's intent to acquire French biotech Abivax for €15 billion. Abivax shares spiked following the rumors but receded after the Ministry's denial. Abivax CEO Marc de Garidel focuses on developing their promising drug, obefazimod, for ulcerative colitis.

In a dramatic turn of events, France's Finance Ministry announced on Monday it had neither received a formal investment request nor engaged with U.S. pharmaceutical powerhouse Eli Lilly, directly contradicting media assertions suggesting a potential €15 billion bid for French biotech firm Abivax.

Abivax shares had surged over 1,600% in the past year after successful Phase 3 trials of their ulcerative colitis drug, obefazimod, and experienced another 33% spike following the report, only to drop after the Ministry's clarity. Eli Lilly's shares were down by 0.5% amid the oscillations.

Despite the turmoil, Abivax CEO Marc de Garidel remains unfazed, emphasizing the continued development of obefazimod. De Garidel expressed that the focus remains on pushing the drug to market, while JPMorgan hinted at the strategic value Eli Lilly could gain in immunology with a potential deal.

(With inputs from agencies.)