Abivax $920 million cash haul lets it prepare for solo U.S. launch instead of relying on a buyer, CEO tells CNBC

Abivax's latest funding round allows the biotech to move toward a U.S. launch of its bowel disease drug without backing from Big Pharma, CEO Marc de Garidel told CNBC after months of intense takeover speculation.

"Thanks to the cash we raised… We are in a position to have cash until the end of 2029, and … build up the right infrastructure to launch in the U.S.," de Garidel told CNBC's "Squawk Box Europe" on Friday.

The French clinical-stage biotech, worth nearly 11 billion euros ($12.2 billion), raised $920 million last week after underwriters exercised in full their option to purchase additional American depository shares.

Proceeds will allow it to finance operations through 2029, including the commercialization of its lead drug, and only asset, obefazimod, in the U.S. and further clinical R&D expenses for the same medicine.

"The best defense for us is actually the offense," de Garidel said Friday in response to a question about whether Abivax would consider a takeover offer at this stage.

It came after a volatile month for the company, where a late-stage trial for obefazimod for ulcerative colitis patients spooked investors with reported cancer cases in the study ...