Omeros Corporation (NASDAQ:OMER) surged 12% on Monday after the company confirmed it has officially completed its asset purchase and license agreement with Novo Nordisk for zaltenibart, its clinical-stage MASP-3 inhibitor.
The agreement, first unveiled on October 15, delivers an upfront cash payment of $240 million, which Omeros has already received. In total, the company could collect as much as $340 million in upfront and near-term milestone payments and up to $2.1 billion when including longer-term development and commercial milestones. The deal also includes tiered royalties on any future net sales.
Zaltenibart—previously OMS906—is a late-stage, first-in-class humanized monoclonal antibody designed to inhibit MASP-3, the primary activator of the complement system’s alternative pathway. According to Omeros, the molecule has shown potential advantages over competing alternative pathway inhibitors currently being developed or marketed.
Using part of the proceeds, Omeros fully repaid the $67.1 million outstanding under its senior secured term loan, including all applicable premiums and interest. This repayment ends the credit agreement and removes its associated covenants and liens, notably the $25 million minimum liquidity covenant.
Omeros also keeps control of its separate MASP-3 small-molecule program, allowing the company to continue developing and commercializing MASP-3 inhibitors with minimal restrictions on therapeutic areas.
The company expects the remaining upfront proceeds will cover repayment of the $17.1 million balance on its 2026 Convertible Notes and provide more than a year of operating capital, which includes preparations for the planned U.S. launch of narsoplimab for transplant-associated thrombotic microangiopathy.