Esperion Enters European Royalties Agreement and Closes Existing Revenue Interest Facility
DENVER, Colo., Jun 28, 2024 (247marketnews.com)- Esperion (Nasdaq:ESPR) entered into a Royalty Purchase Agreement with OMERS Life Sciences (OMERS), with OMERS receiving tiered royalty payments, ranging from 15-25% of net bempedoic acid product sales in Europe, until it receives an aggregate amount equal to 1.7 times its nearly $305 million investment
Sheldon Koenig, Esperion’s President and CEO, stated, “This transformational transaction provides Esperion with increased operational and financial flexibility. It strategically unencumbers our balance sheet from senior secured liens and leverages what we believe is an undervalued asset that has not been fully recognized in the market.
“Importantly, this mutually beneficial deal underscores the potential for our bempedoic acid products in Europe and allows us to benefit from the potential upside of the triple combination product our partner, DSE, is currently pursuing.”
Esperion’s Chief Financial Officer, Ben Halladay, added, “This agreement significantly enhances our balance sheet and better positions us to focus on optimizing our U.S. commercialization efforts as we build Esperion into a leading biopharmaceutical company bringing new medicines to patients that address unmet medical need.”
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