ANN ARBOR—Officials at Ann Arbor-based Esperion Therapeutics Inc. (Nasdaq: ESPR), a pharmaceutical startup developing a new class of cholesterol-lowering drugs, announced a $200 million funding agreement with an investor group led by New York City-based Oberland Capital Management LLC.
The deal provides for an investment of $125 million upfront, with $25 million more on FDA approval of Esperion’s proposed products, bempedoic acid and a bempedoic acid-ezetimibe combination tablet. Another $50 million may be made available at Esperion’s option after product launch.
The drugs have been developed as cost-effective, convenient, once-daily, oral therapies for the treatment of patients with elevated low-density lipoprotein cholesterol, the so-called bad cholesterol, who require additional LDL-C lowering where current treatments have undesirable side effects or aren’t effective.
“We are very excited to collaborate with the team at Oberland Capital given their experience and expertise in the industry,” said Rick Bartram, CFO of Esperion. “This transaction provides substantial additional cash resources to Esperion and reflects the significant value of our late-stage bempedoic acid franchise products.”
Added Andrew Rubenstein, managing partner of Oberland Capital: “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.”
To listen to a conference call discussing details of the investment, visit investor.esperion.com.
Oberland Capital is a private investment firm with more than $1.2 billion in assets that is focused exclusively on the healthcare industry. More at www.oberlandcapital.com.