By Sabela Ojea
Esperion Therapeutics and Daiichi Sankyo Europe GmbH said they have settled their pending commercial litigation and agreed on a $125 million amendment to their collaboration.
Shares dropped 15% to $2.47 in pre-market trading.
The pharmaceutical company on Wednesday said it will receive a $100 million from Daiichi Sankyo in mid-January ahead of the expected type II variation approval for Nilemdo tablet and Nustendi tablet by the European Medicines Agency.
The company will receive an additional $25 million payment following the EMA’s decision on the pending application.
On May 4, Esperion filed an amended complaint against DSE, requesting a milestone payment of $300 million that DSE denied to make.
As part of the amendment to their collaboration, Esperion will also transition to DSE manufacturing and supply chain responsibilities in Europe, set to result in cost savings for both parties.
The companies have worked together since 2019 to reduce cardiovascular risk through bempedoic acid in elegible patients.
“We are working diligently to resolve this dispute as we continue to commercialize bempedoic acid in Europe and around the world. And we fully expect to receive the $300 million milestone payment from DSE upon regulatory approval in the first half of 2024 – in full and on schedule, when we always expected to receive it,” Esperion’s Chief Executive Sheldon Koenig said in a Securities and Exchange Commission filing in May.
Daiichi Sankyo Europe GmbH is the European headquarter organization of the Japanese pharmaceutical company Daiichi Sankyo.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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