Inventiva announces pricing of upsized public offering of approximately $150M of American Depositary Shares

Core Viewpoint - Inventiva, a clinical-stage biopharmaceutical company, has announced the pricing of its public offering of 38,961,038 new American Depositary Shares (ADSs) at $3.85 per ADS, aiming to raise approximately $140.1 million in net proceeds to fund its clinical trials and working capital needs [1][8]. Offering Details - The offering price of $3.85 per ADS corresponds to €3.33 per ordinary share, reflecting a discount of 0.89% from the volume-weighted average price on Euronext [2]. - The offering is underwritten by Leerink Partners and Piper Sandler, with Namsen Capital serving as the Equity Capital Markets Advisor [3]. - The company has granted underwriters a 30-day option to purchase up to 5,844,155 additional ADSs, representing 15% of the ADSs sold in the offering [6]. Financial Proceeds and Use - The estimated net proceeds from the offering are approximately $140.1 million (€121.0 million), which could increase to $161.2 million (€139.3 million) if the underwriters' option is fully exercised [8]. - The company plans to allocate approximately 80% of the net proceeds to fund the continuation of its NATiV3 Phase 3 clinical trial and commercialization activities, while the remaining 20% will be used for working capital and general corporate purposes [9][10]. Current Financial Position - As of September 30, 2025, Inventiva had cash and cash equivalents of €97.61 million and short-term deposits of €24.71 million, which are projected to be insufficient to meet its obligations over the next 12 months without the proceeds from the offering [10][11]. Shareholder Impact - Samsara BioCapital L.P. has subscribed to 5,194,805 ADSs for approximately $19.99 million, increasing its ownership from 5.7% to 7.3% post-offering [12]. - The company's board members and executive officers are subject to a 90-day lock-up period following the offering [13]. Market Trading - The ordinary shares underlying the ADSs will be admitted to trading on Euronext under the same ISIN code as existing shares, with trading on Euronext suspended until the opening of trading on Nasdaq [29][30].