(News Bulletin 247) – The company has unveiled positive results for obefazimod after two years of treatment for ulcerative rectolitis. Degroof Petercam raised its advice to buy the share.

Abivax is back to new heights for more than nine months. The French biotech took off on Tuesday and took 12% to 11.82 euros around 4 p.m., its highest since June 2022, following the publication of favorable clinical results for its main molecule, obefazimod (ABX464).

This experimental drug aims to treat ulcerative colitis, an inflammatory disease that affects the rectum and often the colon. This disease affects 1 million people in the United States and as many in Europe.

Abivax has published the results of a phase 2b maintenance study (intermediate stage of clinical trials) measuring the efficacy and tolerance of the molecule after two years of treatment. Of the 217 patients on whom this maintenance study was conducted, 52.5% showed clinical remission, i.e. a reduction or disappearance of the disease, 59% an endoscopic improvement and 70.9% a clinical response.

“A New Confirmation”

“These two-year results are further confirmation of obefazimod’s potential to rapidly induce efficacy and, more importantly, maintain it long-term in patients with moderate to severe ulcerative colitis,” said Abivax CEO Professor Hartmut J. Ehrlich quoted in a statement.

For its part, the research office Degroof Petercam, which raised its recommendation to buy the title on Tuesday, believes that these data “are once again very convincing” even if they do not exceed expectations.

“It should be noted that this is phase 2b data and the drug is already being evaluated in a pivotal phase 3 trial. [la dernière étape avant une potentielle commercialisation, NDLR]for which the results of the induction part are expected at the end of 2024″, adds the design office.

A former Ipsen executive as future boss

Degroof Petercam also believes that these clinical results are part of “a series of positive announcements” for the action, with also, at the beginning of April, the appointment of a new general manager, Marc de Garidal, who will arrive on May 5. .

The executive, who notably led Ipsen between 2010 and 2016, most recently served as chief executive of two companies, CincorPharma and Corvidia Therapeutics, which were respectively sold to AstraZeneca and Novo Nordisk for $1.8 billion and 2, $1 billion.

“His arrival could open the American chapter of the company, which is still considering an IPO on the Nasdaq,” said Degroof Petercam. The research department also believes that the manager’s “track record” should “be well received by American investors and could bring the theme of partnership back into the spotlight”.