Enanta sells 54.5% of MAVYRET royalties to OMERS for $200M; non-dilutive funding

ENANTA PHARMACEUTICALS INC

Sold 54.5% of future royalty payments on MAVYRET/MAVIRET worldwide sales to OMERS Life Sciences for $200M.
OMERS receives royalty payments from July 2023 through June 2032, capped at 1.42x purchase price ($284M).
Enanta retains 45.5% of royalties until cap is reached, then 100% reverts to Enanta.
Proceeds to fund clinical development of pipeline therapies for viral infections; transaction is non-dilutive.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ENANTA PHARMACEUTICALS INC entered into Royalty Purchase Agreement with OCM Life Sciences Portfolio LP, an investment vehicle of OMERS valued at $200 million (effective 2023-04-25).

Action: entry
Counterparty: OCM Life Sciences Portfolio LP, an investment vehicle of OMERS
Value: $200 million
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Enanta Pharmaceuticals, Inc. and OCM Life Sciences Portfolio LP, an investment vehicle of OMERS, one of Canada’s largest defined benefit pension plans, entered into a Royalty Purchase Agreement (the “ Agreement ”), pursuant to which Enanta sold to OMERS 54.5% of Enanta’s royalty interest in respect of worldwide net sales of MAVYRET ® /MAVIRET ® (and any other royalty-bearing products that may contain glecaprevir). The purchase price paid to Enanta was $200 million.

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Source: SEC EDGAR

accession 0001193125-23-122434

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