Abivax (ABVX) is trading higher after announcing a balance-sheet and capital-structure cleanup centered on its September 2022 royalty certificates. The company said it signed an agreement to repurchase the royalty certificates for total consideration of $90 million, while simultaneously pricing a $45 million offering of 403,347 ADSs at $111.57 per ADS, issued to the royalty-certificate holders.

The repurchase consideration is split between cash and equity-linked mechanics: $45 million is expected to be paid in cash at closing, and the remaining $45 million is set up as an interest-free vendor loan that is reinvested through the ADS subscription and then extinguished upon issuance of the new shares. Abivax said the offering price equals the five-day VWAP ending May 1, 2026, and the newly issued shares represent roughly 0.5% dilution. Closing is expected on or about May 7, 2026.

Investors appear to be focusing on the removal of a royalty claim on future net sales (a perceived “royalty overhang”) while keeping the incremental dilution small. By consolidating the payout into a defined $90 million total consideration and retiring the royalty certificates, Abivax may be improving the long-term economics of its lead program as it advances late-stage development and prepares for potential commercialization milestones.