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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