Ann Arbor-based Esperion Therapeutics has obtained a $200 million capped, tiered, revenue-based funding agreement from an investor group led by New York-based Oberland Capital Management LLC.
The deal is based on net revenues of bempedoic acid and the bempedoic acid/ezetimibe combination tablet. The products were developed as complementary 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.
“We are very excited to collaborate with the team at Oberland Capital given their experience and expertise in the industry,” Esperion CFO Rick Bartram said in a statement. “This transaction provides substantial additional cash resources to Esperion and reflects the significant value of our late-stage bempedoic acid franchise products.”
Oberland Capital Managing Partner Andrew Rubenstein added: “We are delighted to enter into this revenue-based funding agreement with Esperion as it prepares to launch these innovative, once-daily, oral LDL-C lowering therapies. We look forward to helping the company achieve its long-term objectives.”
Bempedoic acid was first discovered at the original Esperion, which was acquired by Pfizer in 2004 for $1.3 billion. In 2008, a new company under the same name was founded and subsequently bought the rights to the product from Pfizer.
The lipid management company had raised a total of $245.7 million in funding over four rounds prior to the deal with Oberland, according to Crunchbase.
