Aclaris Therapeutics Announces Sale of OLUMIANT Royalties and Milestones to OMERS Life Sciences for Up to $31.5 Million
- Non-Dilutive Transaction Strengthens Balance Sheet to Support Strategic Priorities -
- $26.5 Million Upfront Plus Up to $5.0 Million Milestone -
WAYNE, Pa., July 16, 2024 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced the sale of a portion of Aclaris' future royalty payments and certain milestones from Eli Lilly and Company (Lilly) on net sales of OLUMIANT (baricitinib) for the treatment of alopecia areata to OMERS, one of Canada's largest defined benefit pension plans.
Under the terms of the agreement, Aclaris has received an upfront payment of $26.5 million, and is eligible to receive up to an additional $5.0 million based on the achievement of certain sales milestones for OLUMIANT in 2024. In exchange, OMERS has acquired a portion of the royalty paid by Lilly to Aclaris for worldwide net sales of OLUMIANT for alopecia areata from April 1, 2024 through the remainder of the royalty term under Aclaris' license agreement with Lilly, and 100% of the remaining anniversary milestone payments payable by Lilly to Aclaris under the license agreement.
"This transaction bolsters our balance sheet and provides us with enhanced financial flexibility to pursue a range of value-creating opportunities while continuing to invest in our internal programs," said Dr. Neal Walker, Interim President & CEO and Chair of the Board of Directors of Aclaris. "As we progress with our strategic review, we will continue to pursue available opportunities to enable us to invest in programs that complement and enhance our existing drug development pipeline."
OLUMIANT is a registered trademark of Eli Lilly and Company.
Aclaris Therapeutics Contact:
investors@aclaristx.com
Source: Aclaris Therapeutics, Inc.