Esperion Therapeutics (ESPR), a biopharmaceutical company, on Friday announced that it has agreed to be acquired by funds managed by healthcare investment firm ARCHIMED in a deal valued at up to $1.1 billion.
Under the definitive agreement, Esperion shareholders will receive $3.16 per share in cash at closing, plus one non-tradeable contingent value right entitling holders to up to $100 million in milestone payments.
The upfront cash represents a 58 percent premium to Esperion's closing share price on April 30.
The contingent payments are tied to future U.S. net sales.
Holders would receive up to $40 million based on 2027 sales of bempedoic acid products including NEXLETOL and NEXLIZET - if sales exceed $350 million, or a pro-rated amount between $300 million and $350 million.
A second payment of $60 million, applies if annual sales of bumetanide products including ENBUMYST reach or exceed $160 million in any year through 2030.
ARCHIMED partner Justin Bateman said the firm believes Esperion has " a strong foundation from which to continue building in cardiovascular and primary care markets".
Esperion's board unanimously approved the deal and recommends shareholders vote to approve it.
The transaction is expected to close in the third quarter.
Upon closing, Esperion will become a privately held company and delist from Nasdaq.
In pre-market activity on the NYSE, shares of Esperion were gaining 57.48 percent, trading at $3.1495, after closing Thursday's regular trading 4.71 percent higher.
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