The French biotech Abivax is attracting suitors. According to information from La Lettre, British pharmaceutical group AstraZeneca is interested in the start-up specializing in treatments for inflammatory diseases, which has already been targeted by American big pharma Eli Lilly (LLY) on 12 January 2026.
The Cambridge-based group, led by Pascal Soriot, is said to have proposed paying around €176 per Abivax share by the end of 2025, valuing the French biotech—listed on Euronext Paris and Nasdaq—at roughly €13.75bn.
This amount is nevertheless below the €15bn Eli Lilly is reported to be willing to pay, despite being almost double Abivax’s current market capitalisation (€7.89bn). AstraZeneca is, however, said to be ready to align with its competitor’s offer.
The battle promises to be intense. Abivax was founded in 2013 by Philippe Pouletty, co-founder of Truffle Capital. While Eli Lilly appears the more aggressive bidder on price, AstraZeneca may have political and strategic advantages in the current climate of trade tensions with Washington.
Pascal Soriot—who holds both French and Australian nationality—has previously warned, notably in Le Monde on 17 December 2025, about Europe’s decline in innovative drug manufacturing due to U.S. policy under Donald Trump. He also warned that massive U.S. investments by pharma groups to avoid American tariffs could force EU countries to depend on U.S. supply chains.
Strong U.S. commercial potential
As Emmanuel Macron has asked Brussels to activate the EU’s anti-coercion mechanism in response to potential U.S. tariffs, AstraZeneca’s British nationality could prove advantageous. The mechanism, adopted in October 2023, allows the EU to restrict market access, freeze investments, or exclude foreign companies—particularly American—from public procurement.
Even before the renewed trade tensions, the French Ministry of Economy had already indicated it was closely monitoring a potential sale of Abivax. Bercy warned that any takeover by a strategic foreign group in healthcare would trigger a foreign-investment (FDI) review by the Treasury.
Led since April 2023 by Marc de Garidel, Abivax has become a prime acquisition target for big pharma after publishing very promising results in July for its lead drug obefazimod. The drug is currently in Phase III final clinical trials for inflammatory bowel disease.
These prospects—combined with a planned 2027 commercial launch—have driven Abivax shares sharply higher, with a +1,600% gain in 2025 alone.