French biotech Abivax's shares climb on Eli Lilly bid rumors

Dec 10 (Reuters) - French biotech company Abivax's ABVX.PA shares jumped by 20% on Wednesday on market rumours that U.S. pharma giant Eli Lilly LLY.N might be interested in bidding for the business.

The "share price movement is driven by speculation around a possible takeover," said Damien Choplain, analyst at Stifel.

Abivax and Eli Lilly did not respond to initial requests for comment.

The French company announced in July positive results from a Phase 3 trial of its key drug obefazimod for the treatment of ulcerative colitis, sending its Paris-listed shares soaring over 500% in a day, and filed for an offering of up to $400 millions in American Depositary Shares.

By 1007 GMT on Wednesday, the stock was on track for an 18-fold increase in value since the beginning of the year, having reached a market valuation of over 8 billion euros ($9.3 billion), up from just 500 million euros in January.

($1 = 0.8595 euros)