STAT+: Abivax has still not been acquired. What’s going on?

Adam Feuerstein notes that biotech M&A activity is off the charts, yet Abivax has not been acquired. The company develops obefazimod, a treatment for ulcerative colitis with blockbuster commercial potential, and a takeout at $20 billion or so was deemed likely to happen any day. Nine months into the year, the absence of a transaction has caused grief among its investor fanbase.

Without visibility into the actual sale process, there is no way to pinpoint what is happening between Abivax and potential Big Pharma suitors. One facile explanation floated is that Abivax is French, and the French don't work in August.