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Investing.com -- Omeros Corporation (NASDAQ:OMER) stock surged 12% after the company announced the closing of its asset purchase and license agreement with Novo Nordisk for its clinical-stage MASP-3 inhibitor zaltenibart.
The transaction, which was initially announced on October 15, includes an upfront payment of $240 million in cash that Omeros has already received. The company is eligible to receive up to $340 million in upfront and near-term milestone payments, and potentially up to $2.1 billion in total including development and commercial milestones, plus tiered royalties on net sales.
Zaltenibart, formerly known as OMS906, is a first-in-class, late-stage clinical humanized monoclonal antibody that targets MASP-3, the key activator of the alternative pathway of the complement system. The drug has demonstrated potential advantages over other alternative pathway inhibitors currently in development or on the market.
Following the closing, Omeros has prepaid its entire $67.1 million principal amount outstanding under its senior secured term loan, along with related premiums and interest. This prepayment terminated the senior secured credit agreement and released all liens and covenants, including the $25 million minimum liquidity requirement.
Omeros retains rights to its MASP-3 small-molecule program unrelated to zaltenibart, with the ability to develop and commercialize small-molecule MASP-3 inhibitors with limited restrictions on indications.
The company expects the remaining proceeds from the closing payment will be sufficient to repay the $17.1 million principal balance on its 2026 Convertible Notes and fund more than 12 months of operations, including the anticipated U.S. launch of narsoplimab for the treatment of transplant-associated thrombotic microangiopathy.
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