Pharmaceutical Technology

JPM26: Eli Lilly reportedly eyes €15bn takeover of Abivax

Abivax’s lead asset is obefazimod, an anti-inflammatory drug that has produced positive Phase III results.

Eli Lilly is reportedly looking to acquire French biotech Abivax, sending the latter company’s shares surging ahead of the J.P. Morgan Healthcare Conference 2026.

According to a report by French news outlet La Lettre on 12 January, Eli Lilly is said to be working on a potential €15bn ($17.5bn) deal for Abivax, a company developing anti-inflammatory drugs.

Eli Lilly declined to comment on business development activity, and Abivax did not immediately respond to Pharmaceutical Technology's request regarding the potential deal.

Share price in Paris-listed Abivax opened 17.5% up at €120 at market open on 12 January, compared to market close of €99 on 9 January. The biotech, which is also listed on the Nasdaq Global Market, has a market cap of €8.4bn.

Abivax’s lead asset is obefazimod, an orally administered small molecule that increases the anti-inflammatory microRNA, miR-124, in immune cells. The therapy has demonstrated positive Phase III results as a monotherapy in patients with moderate to severely active ulcerative colitis (UC). Obefazimod is also in Phase II clinical development (NCT06456593) for Crohn’s disease.

In a corporate update to investors, published last week, Abivax said obefazimod is "well positioned to become a future market leader in the inflammatory bowel disease space”.

According to GlobalData’s Pharma Intelligence Centre, obefazimod is forecast to generate global sales of $1.8bn in 2031. GlobalData is the parent company of Pharmaceutical Technology.

Reports regarding a potential acquisition of Abivax come as the 2026 J.P. Morgan Healthcare Conference gets underway. The event continues to be a hive of dealmaking activity across the pharmaceutical and biotech sectors.

2026 already looks set for a strong start in the healthcare M&A space. Cancer biotech Revolution Medicines has emerged as a key acquisition target, with MSD reportedly in talks to buy the company in a deal worth between $28bn and $32bn.

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