Athyrium $50M Japan Royalty Financing for Esperion

Athyrium Capital Management and Esperion Therapeutics have entered into a $50 million royalty financing agreement. Athyrium Funds will purchase 100% of Esperion’s royalty interest in Otsuka’s Japan net sales of bempedoic acid products, along with related milestone payments subject to a cap.

Athyrium will receive tiered royalties ranging from 12% to 33% on Japan net sales from and after January 1, 2026, plus milestone payments, until aggregate payments equal 2.0x the investment. After that, all future rights revert to Esperion. Esperion said the non-dilutive financing supports its acquisition of Corstasis Therapeutics, whose Enbumyst is the first FDA-approved intranasal loop diuretic for edema associated with cardiovascular and hepatic and renal disease.