CMS Francis Lefebvre advises Leerink Partners and Stiffel on the USD120 million capital increase of Inventiva, as part of its comprehensive capital structure optimization

CMS Francis Lefebvre acted as French law counsel to Leerink Partner and Stiffel, joint bookrunners of this USD120 million capital increase announced on 2 June 2026 by Inventiva, a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”).

The capital increase entailed the issuance of c. 27 million shares, all in the form of American depositary shares, in a registered offer in the United States.

This capital increase was part of a comprehensive refinancing transaction, consisting of (i) the repayment in full of the existing European Investment Bank (the "EIB") loan and the buyback of a portion of the warrants issued in favor of the EIB in connection with the loan, and (ii) a new debt financing with BlackRock and Claret Capital Partners of up to €130 million in committed tranches, subject to conditions, plus an additional uncommitted tranche of up to €20 million, with an initial aggregate drawdown of €75 million.

The new shares are listed on the regulated market of Euronext in Paris and the American depositary shares on the NASDAQ Global Market.

The CMS Francis Lefebvre team was composed of Bertrand Sénéchal, partner. He had previously acted as French law counsel to Leerink Partners and Piper Sandler, underwriters of Inventiva’s November 2025 USD172.5 million capital increase.

Davis Polk LLP acted as US counsel to Leerink Partners and Stiffel.

Namsen Capital acted as equity capital markets advisor to Inventiva.

Gide Loyrette Nouel and Cooley LLP acted a French and US counsels to Inventiva.