Data presented at the United European Gastroenterology Conference ("UEG") further support the impact of Abivax's ABX464 on ulcerative colitis ("UC"). While response to biologic therapies such as anti-TNFs often wains with time and alternatives including JAK inhibitors are associated with serious safety issues, 12-month Phase 2a extension endoscopic data indicate sustained and improving clinical remission with ABX464 in 75% of patients observed. Matched by improvements in both Mayo Score and faecal calprotectin, these impressive results provide confidence for the on-going confirmatory Phase 2b trial as well as potential in Crohn's disease and rheumatoid arthritis ("RA"). These data provide an even stronger basis for a licensing / development deal expected by mid 2020E in a > $70bn market. We reiterate and maintain both our OUTPERFORM recommendation and €31.30 target price.