Abivax Pares Gains as Speculation Over a Takeover Whipsaws (2)

Abivax SA’s shares pared gains after France’s finance ministry said it has not been contacted by Eli Lilly & Co. about a possible bid for the French biotech.

Abivax stock had earlier surged by as much as 33% in Paris trading, after France’s La Lettre reported that Lilly is ready to offer €15 billion ($17.5 billion) to buy the firm but is waiting for the French Finance Ministry to indicate if a takeover would be subject to foreign investment controls.

However, on Monday, the ministry said it had not received a dossier for investment screening from Lilly and is ...