Inventiva Raises $ 150m gross proceeds in a public offering
Inventiva announced the issuance of ~39m new ADSs in a public offering in the US at an issue price of $ 3.85 per ADS (approx. 0.9% discount to the VWAP of Euronext trading the previous day) resulting in gross proceeds of $ ~150m and net proceeds of € ~121m. Inventiva's cash runway is extended to at least 1Q27 (previously 3Q26), assuming no Tranche 3 warrants will be issued. We plan to incorporate the new share capital and cash in our target price in the future. We view this raise as a positive and reiterate our BUY rating and € 8 TP.Inventiva is a clinical stage biotechnology research company delivering therapies in the areas of oncology, fibrosis and rare diseases. The most advanced clinical programs (IVA337 for systemic sclerosis in Non-Alcoholic Steato-Hepatitis and IVA336 for Maroteaux-Lamy syndrome-MPS VI) have demonstrated efficacy in relevant in vivo and in vitro models as well as safety in phase I and phase II clinical trials. Using its in-house drug discovery platform, which covers target validation, screening, chemistry, ADME and pharmacology, Co. is developing an internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors, epigenetics targets and nuclear receptors.
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