Aclaris Therapeutics Inc. (ACRS) has announced the divestiture of a portion of its future royalty payments and specific milestones associated with the net sales of OLUMIANT (baricitinib) by Eli Lilly and Company, designated for the treatment of alopecia areata, to OMERS Life Sciences, a division of one of Canada's largest defined benefit pension plans.
On Tuesday, ACRS concluded regular trading at $1.34, experiencing a slight decrease of $0.01 or 0.74%. However, in after-hours trading, the stock saw an uptick, gaining $0.12 or 8.96%.
Under the agreement's provisions, Aclaris has secured an upfront payment totaling $26.5 million and may receive an additional $5.0 million contingent on meeting particular sales milestones for OLUMIANT in 2024.
In return, OMERS has acquired a portion of the royalties paid by Lilly to Aclaris based on global net sales of OLUMIANT for alopecia areata, effective from April 1, 2024, through the duration of the royalty term stipulated in Aclaris' license agreement with Lilly. Additionally, OMERS will receive 100% of the remaining anniversary milestone payments due from Lilly to Aclaris as per the license agreement.
OLUMIANT is a registered trademark of Eli Lilly and Company.
