Abivax shares climbed 5% to 123.40 euros in Paris trading Thursday, potentially reaching a new all-time high and lifting the French biotech's market value to approximately 10 billion euros ($11.26 billion). The surge extended a 46% weekly rally fueled by renewed investor confidence following positive clinical trial data for the company's lead drug candidate.

The biotechnology firm raised roughly $920 million through an upsized stock offering after underwriters exercised options to purchase additional American depositary shares. This capital infusion strengthens Abivax's balance sheet ahead of potential regulatory submissions, demonstrating strong market appetite for clinical-stage biotech companies with promising inflammatory bowel disease treatments.

Abivax is developing obefazimod as a treatment for ulcerative colitis and Crohn's disease, with plans to file for regulatory approval later this year. The company intends to use offering proceeds to fund U.S. launch expenses and continued research and development of the drug candidate, addressing previous safety concerns that had weighed on the stock.

The financing and stock performance reflect investor optimism about obefazimod's commercial prospects, though the company still faces significant regulatory and competitive hurdles in bringing the treatment to market.