In June 2024, OMERS Life Sciences entered into a Royalty Purchase Agreement with Esperion, investing approximately US$304.7 million in exchange for the right to receive 100 percent of Esperion's royalty entitlement (subject to a cap) on Daiichi Sankyo Europe's net sales of bempedoic acid products in Europe.
Under the agreement, OMERS Life Sciences will receive a tiered royalty of 15-25 percent of net sales until it achieves a 1.7x return on its investment, after which the royalty stream reverts to Esperion. This transaction provides OMERS Life Sciences with an attractive, long-term return opportunity linked to the commercial success of a cholesterol-lowering drug expected to benefit millions of patients across Europe, while supporting its mandate to deliver value for OMERS' more than 600,000 pension plan members.
Davies Ward Phillips & Vineberg LLP represented OMERS Life Sciences in connection with the acquisition. The team included Dale Osadchuk and Jennifer Prieto (Private M&A); Andrew Ellis, Jennifer Lee and Jonathan Rhein (Tax).
Hogan Lovells LLP was OMERS Life Sciences' IP counsel.