SCHEDULE: Invus and Avicenna Disclose Significant DBV Technologies Stake

Invus Public Equities and Avicenna Life Sci Master Fund, along with related entities and Raymond Debbane, reported beneficial ownership of 6.2% of DBV Technologies S.A.'s ordinary shares.

Summary

• Invus Public Equities, L.P. and its affiliates (Invus Public Equities Advisors, LLC, Invus Global Management, LLC, and Siren, L.L.C.) collectively beneficially own 13,038,825 Ordinary Shares of DBV Technologies S.A., representing 5.6% of the class.
• This ownership by Invus Public Equities, L.P. consists of 5,064,150 Ordinary Shares and 1,594,935 American Depositary Shares (ADSs), where each ADS represents five Ordinary Shares.
• Avicenna Life Sci Master Fund LP and its affiliates (Avicenna Life Sci Master GP LLC and Ulys, L.L.C.) collectively beneficially own 1,312,135 Ordinary Shares, representing 0.6% of the class.
• Avicenna Life Sci Master Fund LP's ownership is comprised of 262,427 American Depositary Shares (ADSs).
• Mr. Raymond Debbane is deemed to beneficially own a total of 14,350,960 Ordinary Shares, which includes the holdings of both Invus Public Equities and Avicenna Fund, representing 6.2% of the class.
• The calculations for the percentage of Ordinary Shares beneficially owned are based on 232,207,589 Ordinary Shares outstanding as of December 31, 2025, as reported in the Issuer's press release dated January 5, 2026.
• The securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive disclosure, as it confirms a significant, stable institutional ownership stake in DBV Technologies S.A. by well-known investment entities, which can instill investor confidence.

Positives

• A significant institutional investor, Raymond Debbane and his associated entities (Invus and Avicenna), holds a substantial 6.2% stake in DBV Technologies S.A., indicating confidence in the company's long-term prospects.
• The filing clarifies the beneficial ownership structure, providing transparency to the market regarding a major shareholder's position.

Future Outlook

NA

Management Comments

• Raymond Debbane, President of Invus Public Equities Advisors, LLC, and Chief Executive Officer of Avicenna Life Sci Master GP LLC, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

StockSavvy.ai notes that the disclosure of a significant beneficial ownership stake by institutional investors like Invus and Avicenna in a biotechnology company such as DBV Technologies S.A. is a common occurrence. Such filings provide transparency regarding major shareholders and can signal long-term investment interest, which is generally viewed positively within the industry as it suggests a belief in the company's pipeline or market potential.

Related Party Transactions

• The filing details the control relationships among the reporting persons: Invus PE Advisors controls Invus Public Equities, Global Management controls Invus PE Advisors, Siren controls Global Management. Similarly, Avicenna GP controls Avicenna Fund, and Ulys controls Avicenna GP. Mr. Raymond Debbane, as the managing member of Siren and Ulys, controls both entities and is therefore deemed to beneficially own the aggregate shares of both Invus Public Equities and Avicenna Fund.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Invus and Avicenna, led by Raymond Debbane, provides transparency regarding the company's ownership structure and may be viewed as a vote of confidence by a major investor, potentially influencing investor sentiment positively.

Key Dates

Recommendation

The filing indicates a significant, stable institutional ownership stake, which is generally a positive signal. However, as a Schedule 13G primarily reports ownership and does not contain operational or financial performance updates, it does not provide new information to warrant a 'buy' or 'sell' recommendation. A seasoned investor would likely maintain their current position, acknowledging the institutional backing without new performance data.

Keywords

DBV Technologies S.A., Beneficial Ownership, Schedule 13G, Invus Public Equities, Avicenna Life Sci Master Fund, Raymond Debbane, Ordinary Shares, American Depositary Shares, Institutional Investment, SEC Filing