On June 28, 2024, Esperion (Nasdaq: ESPR) announced a Royalty Purchase Agreement with OMERS Life Sciences, receiving approximately $304.7 million USD (approximately CAD 403 million) in cash for a 100% interest, subject to a cap, in Esperion’s royalty entitlement on Daiichi Sankyo Europe’s (DSE) net sales of bempedoic acid products in Europe. The tiered royalty ranged from 15-25% of net sales until OMERS received 1.7x its investment, after which royalties would revert to Esperion.

Esperion still earned sales-based milestone payments from DSE, potentially amounting to $300 million USD. The funds from this transaction were used for the early payoff and termination of the Oberland Capital revenue interest facility.

Sheldon Koenig, President and CEO of Esperion, emphasized the transaction’s benefits for operational and financial flexibility, while CFO Ben Halladay noted the enhanced balance sheet positioning for U.S. commercialization efforts. Rob Missere, Managing Director & Head of Life Sciences at OMERS, highlighted the long-term return potential and patient benefits of bempedoic acid in Europe.

J. Wood Capital Advisors served as the financial advisor for Esperion in the transaction. Gibson, Dunn & Crutcher advised Esperion. Davies Ward Phillips & Vineberg LLP advised OMERS Life Sciences.