Inventiva has agreed a committed facility of up to €130 million of senior secured convertible and amortising bonds from funds and accounts managed by BlackRock and Claret Capital Partners. The company announced the package on 2 June 2026, together with a $120 million offering of American Depositary Shares.
BlackRock is providing about two-thirds of the committed amount, or roughly €86.7 million, and Claret about €43 million. The lenders have also agreed an uncommitted extra €20 million, available only by mutual consent after approval of a New Drug Application for NATiV3.
The committed facility has three tranches: €35 million of senior secured convertible bonds, then €40 million and €55 million of senior secured amortising bonds. Inventiva can draw the third tranche at its election until February 2027, subject to issuing the first two in full, a 10 per cent debt-to-market-capitalisation cap, the NATiV3 primary endpoint, and at least €100 million from T3 warrant exercise or another equity raise. The lenders have first-ranking security over specified collateral, including intellectual property, bank accounts and receivables, and Inventiva must keep at least €30 million of cash in specified secured accounts.
The convertibles pay a 9.90 per cent annual cash coupon, interest-only until 31 December 2028, then principal and interest monthly to maturity on 1 April 2030. The amortising bonds mature on the same date. Tranche B pays 9.90 per cent cash and tranche C 8.90 per cent, each plus 2.10 per cent PIK, with an interest-only period to 31 March 2027 that can be extended if later clinical and regulatory conditions are met.
The ADS offering priced 27,272,727 new ADSs at $4.40 each, only in the United States and listed on Nasdaq. It settled on 5 June. Inventiva put net proceeds at about $110.8 million, or €95.2 million. Leerink Partners and Stifel were joint bookrunners. Stifel also advised on the EIB work and placed the debt.
Inventiva used the proceeds to refinance its European Investment Bank loan ahead of maturity. The EIB facility was €50 million, drawn in 2022 and 2024, with maturities in December 2026 and January 2027. On 12 June Inventiva repaid €62.2 million of EIB principal and interest and bought back EIB warrants covering about 22.7 million underlying shares for €50 million, a discount of about 40 per cent to intrinsic value. The EIB waived early prepayment fees. Remaining EIB warrants are due to be replaced by about 15.7 million new warrants without anti-dilution protection, subject to shareholder approval.
The same day Inventiva issued the first two debt tranches for an initial €75 million draw, with net proceeds of €71.3 million. The conversion price on the convertibles was set at €5.2893, a 40 per cent premium to the euro-equivalent ADS offer price of €3.7781. The lenders received warrants over €6.75 million of ordinary shares on that draw, struck at €4.1559, plus further warrants over €2.75 million that become exercisable only if the third tranche is issued.
The package sits beside a structured equity financing of up to €348 million announced on 14 October 2024, whose optional tranche 3 warrants can bring in up to €116 million. Inventiva said that if the ADS offering, the EIB transactions, all three committed debt tranches and those warrants complete, cash would last into early 2028.
Claret described the ticket as growth funding and one of a run of late-stage European listed biotech deals, after Cinclus Pharma and Abivax. Daniel Mallon, a principal at the firm, said: "This financing provides additional flexibility as Inventiva moves towards anticipated key clinical and regulatory milestones in 2026 and 2027." Claret announced a second close of Fund IV at more than €350 million in September 2025.