Esperion Therapeutics, Inc. ESPR shares are trading lower on Wednesday after the company announced a $125 million amendment to the collaboration with Japanese pharma company Daiichi Sankyo Co., Ltd.DSNKY.
The amendment has been inked with Daiichi Sankyo's subsidiary, Daiichi Sankyo Europe GmbH, or DSE.
"Today's settlement allows Esperion and DSE to focus on the business at hand – delivering life-saving drug therapies to millions with high cholesterol," said Sheldon Koenig, Esperion's President and CEO.
DSE has agreed to pay Esperion $100 million in mid-January ahead of an anticipated Type II(a) variation approval by the European Medicines Agency (EMA) for NILEMDO (bempedoic acid) Tablet and NUSTENDI (bempedoic acid and ezetimibe) Tablet.
DSE will make an additional $25 million payment to Esperion in the calendar quarter immediately following EMA's decision on the pending application.
The legal action pending in the U.S. District Court for the Southern District of New York will be dismissed.
As of January 2, 2024, DSE shall have sole authority and control of regulatory communications with the EMA regarding the pending marketing authorization applications for NILEMDO and NUSTENDI.
The company said the partnership continues to grow, with DSE recently gaining approvals for bempedoic acid in the Netherlands, Slovakia, and Spain.
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Price Action: ESPR shares are trading lower by 22.2% to $2.27 on the last check Wednesday.
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