Top European & French Biotech Companies: Recent Developments

Overview of Sector Activity

Over the past six months, the European biotechnology sector has experienced minimal activity, with no Initial Public Offerings (IPOs), a lack of notable new investments, and no major merger and acquisition announcements. The only significant exception to this subdued landscape has been the remarkable performance of Abivax, based in France.

Abivax: A Standout Performer

Abivax has distinguished itself by achieving an extraordinary surge in valuation—an increase of more than 1,500% - and raising $750 million in under two hours - following the announcement of positive phase 3 clinical results of obefazimod in the treatment of ulcerative colitis. If Abivax is excluded from consideration, the sector would be characterised as being in a “lethargic” state, with little to spark optimism.

Emerging Companies Amidst Morosity

Despite the overall lacklustre environment in the last months, a closer analysis of listed companies reveals a handful that have managed to emerge from the prevailing morosity and stand out as noteworthy performers in an otherwise subdued market.

Sensorion (France): Raises €60 Million with a €20M investment from Sanofi to advance genetic medicine pipeline (26.01)

Inventiva (France): JPMorgan Chase exceeds the threshold of 5% of the company (26.01)

Cosmo Pharmaceuticals (Ireland): Positive Phase 3 for Clascoterone (25.12)

Jazz Pharmaceuticals (Ireland): Positive Phase 3 for Ziihera (25.12)

DBV Technologies (France): Positive Phase 3 for Viastkin (25.12)

Medincell (France): Teva announces new US NDA submission for olanzepine extended release formulation (25.12)

Merus BV (Netherlands) now GenMab (Denmark)

Investor Sentiment and Pricing Concerns.

The period surrounding and following the J.P. Morgan Healthcare Conference saw a notable sense of optimism among many investors. This positive sentiment was largely directed towards the potential for growth and favourable market conditions. In contrast to this general optimism, European companies are now facing significant concerns regarding pricing. These apprehensions centre on the implications of the new US “MFN” (Most Favoured Nation) regulation. The regulation is not only influencing price trends within the US, but more importantly, it is shaping the future strategies for commercial expansion outside the US. As a result, European companies must carefully consider how European pricing might impact their operations and long-term commercial deployment.

Paris, February 4, 2026

^{This document has been prepared by Jean-Claude Muller and is provided for information purposes only. The information contained herein has been obtained from sources believed to be reliable but is not warranted to be accurate or complete. The views presented are those of the author at the time of writing and are subject to change. Jean-Claude Muller has no obligation to update these opinions or the information presented.}