– Expands DRI royalty deal on U.S. net sales of
OMIDRIA –
– Expanded deal brings Omeros $115 million
upfront payment and opportunity for additional $55 million in
sales-based milestones –
Omeros Corporation (Nasdaq: OMER) today announced the sale to
DRI Healthcare Acquisitions LP (“DRI”), a wholly owned subsidiary
of DRI Healthcare Trust, of an expanded interest in certain royalty
payments based on net sales of OMIDRIA in the United States.
OMIDRIA, a novel ophthalmic product for use in cataract and lens
replacement surgery, was invented and first commercialized by
Omeros. In December 2021, Omeros sold OMIDRIA and related business
assets to Rayner Surgical Inc. (“Rayner”). Under the terms of that
asset purchase agreement, Omeros is entitled to receive royalties
on net sales of OMIDRIA. On September 30, 2022, Omeros and DRI
entered into a royalty purchase agreement under which Omeros
received $125 million in cash in exchange for a portion, subject to
annual caps, of Omeros’ royalties on global net sales of OMIDRIA
payable by Rayner between September 1, 2022 and December 31,
2030.
Today Omeros and DRI expanded their royalty purchase agreement,
resulting in Omeros receiving from DRI an upfront payment of $115
million and entitling DRI to receive the remainder of Omeros’
royalties on U.S. net sales of OMIDRIA payable between January 1,
2024 and December 31, 2031. Other than those purchased royalties,
DRI has no recourse to Omeros’ assets. As part of the expanded
agreement, the remaining balance of $174 million in annual caps
payable by Omeros to DRI is extinguished. Omeros is also eligible
to receive from DRI two milestone payments, each up to $27.5
million, payable in January 2026 and January 2028, respectively,
based on achievement of certain OMIDRIA net sales thresholds.
Even absent one or both milestone payments, the $115 million
upfront payment together with the extinguishment of the previously
payable annual caps makes today’s DRI transaction, versus the
projected cash flows from the previous DRI deal structure, net
positive for Omeros into the first quarter of 2028. In addition,
Omeros continues to retain all royalties payable on any net sales
of OMIDRIA outside the U.S., expanding after December 31, 2031 to
Omeros receiving all royalties on global net sales of OMIDRIA.
Under the asset purchase agreement with Rayner, the term for
royalty payments expires based on the last-expiring OMIDRIA-related
patent in the relevant country, which currently extends into 2035
in the United States.
“We are pleased to have partnered again with DRI, further
monetizing our OMIDRIA royalty stream,” said Gregory A. Demopulos,
M.D., chairman and chief executive officer of Omeros. “The upfront
payment alone is projected to extend our operating runway into 2026
without diluting our shareholders, and the milestone payments would
provide Omeros with substantial additional non-dilutive working
capital. Beyond these already received and potential future
payments, Omeros retains the possibly significant upside of all
ex-U.S. royalties and, after 2031, of all global royalties from
OMIDRIA sales.”
Under the Hospital Outpatient Prospective Payment System rule
issued by the Centers for Medicare and Medicaid Services (“CMS”)
for 2024, OMIDRIA is eligible for separate payment when
administered in ambulatory surgery centers throughout 2024. Under
the Consolidated Appropriations Act of 2023, CMS is required to pay
separately for OMIDRIA in both the hospital outpatient department
and ambulatory surgical center settings beginning January 1, 2025
and extending until at least January 1, 2028.
About Omeros Corporation
Omeros is an innovative biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market and orphan indications
targeting immunologic disorders including complement-mediated
diseases, cancers, and addictive and compulsive disorders. Omeros’
lead MASP-2 inhibitor narsoplimab targets the lectin pathway of
complement and is the subject of a biologics license application
pending before FDA for the treatment of hematopoietic stem cell
transplant-associated thrombotic microangiopathy. Omeros’
long-acting MASP-2 inhibitor OMS1029 is currently in a Phase 1
multi-ascending-dose clinical trial. OMS906, Omeros’ inhibitor of
MASP-3, the key activator of the alternative pathway of complement,
is advancing in clinical programs for paroxysmal nocturnal
hemoglobinuria and complement 3 glomerulopathy. Funded by the
National Institute on Drug Abuse, Omeros’ lead phosphodiesterase 7
inhibitor OMS527 is in clinical development for the treatment of
cocaine use disorder and, in addition, is being developed as a
therapeutic for other addictions as well as for a major
complication of treatment for movement disorders. Omeros also is
advancing a broad portfolio of novel immuno-oncology programs
comprised of two cellular and three molecular platforms. For more
information about Omeros and its programs, visit
www.omeros.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are
subject to the “safe harbor” created by those sections for such
statements. All statements other than statements of historical fact
are forward-looking statements, which are often indicated by terms
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“goal,” “intend,” “likely,” “look forward to,” “may,” “objective,”
“plan,” “potential,” “predict,” “project,” “should,” “slate,”
“target,” “will,” “would” and similar expressions and variations
thereof. Forward-looking statements, including projections or
expectations regarding future net sales of OMIDRIA, future payments
to Omeros based on net sales of OMIDRIA and the future
reimbursement status of OMIDRIA are based on management’s beliefs
and assumptions and on information available to management only as
of the date of this press release. Omeros’ actual results could
differ materially from those anticipated in these forward-looking
statements for many reasons, including, without limitation,
reliance on Rayner Surgical or others to successfully generate net
sales of OMIDRIA, risks associated with product commercialization
and commercial operations, regulatory processes and oversight,
payment and reimbursement policies applicable to OMIDRIA and the
risks, uncertainties and other factors described under the heading
“Risk Factors” in the company’s Annual Report on Form 10-K filed
with the Securities and Exchange Commission (SEC) on March 13,
2023. Given these risks, uncertainties and other factors, you
should not place undue reliance on these forward-looking
statements, and the company assumes no obligation to update these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240201759543/en/
Jennifer Cook Williams Cook Williams Communications, Inc.
Investor and Media Relations IR@omeros.com
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