Esperion reaches $200M revenue-based funding agreement with Oberland Capital
Esperion and an investor group led by Oberland Capital Management last night announced a $200M capped, tiered, revenue-based funding agreement on net revenues of bempedoic acid and the bempedoic acid / ezetimibe combination tablet. Bempedoic acid and the bempedoic acid / ezetimibe combination tablet were developed as once-daily, oral therapies for the treatment of patients with elevated low-density lipoprotein cholesterol who require additional LDL-C lowering despite the use of currently accessible therapies." Pursuant to the agreement, Oberland will pay $125M at closing, less certain transaction expenses. Esperion will also be entitled to receive up to approximately $75M in subsequent installments as follows: $25M upon certain regulatory approval of its product candidates and $50M, at the company's option, upon reaching $100M trailing six-month worldwide net sales any time prior to December 31, 2021. "We are very excited to collaborate with the team at Oberland Capital given their experience and expertise in the industry," said Rick Bartram, CEO of Esperion. "This transaction provides substantial additional cash resources to Esperion and reflects the significant value of our late-stage bempedoic acid franchise products."