Aclaris Therapeutics Inc. (ACRS) announced the sale of a portion of its future royalty payments and certain milestones from Eli Lilly and Company on net sales of OLUMIANT (baricitinib) for the treatment of alopecia areata to OMERS Life Sciences, one of Canada's largest defined benefit pension plans.
ACRS closed Tuesday's regular trading at $1.34 down $0.01 or 0.74%. In the after-hours trading, the stock gained $0.12 or 8.96%.
As per the terms of the agreement, Aclaris has received an upfront payment of $26.5 million, and is eligible to receive up to an additional $5.0 million based on the achievement of certain sales milestones for OLUMIANT in 2024.
In exchange, OMERS has acquired a portion of the royalty paid by Lilly to Aclaris for worldwide net sales of OLUMIANT for alopecia areata from April 1, 2024 through the remainder of the royalty term under Aclaris' license agreement with Lilly, and 100% of the remaining anniversary milestone payments payable by Lilly to Aclaris under the license agreement.
OLUMIANT is a registered trademark of Eli Lilly and Company.
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