Omeros Corporation closed its asset purchase and license agreement with Novo Nordisk on December 1, 2025, transferring its clinical‑stage MASP‑3 inhibitor zaltenibart (OMS906) to the Danish drugmaker. The deal grants Novo Nordisk global rights to develop and commercialize the antibody for rare blood and kidney disorders, while Omeros receives an upfront cash payment of $240 million and is eligible for up to $340 million in near‑term milestone payments, with total potential milestones and royalties reaching $2.1 billion.
The transaction includes a prepayment of the entire $67.1 million principal balance of Omeros’ senior secured term loan, eliminating the loan’s covenant obligations and freeing the company from a $25 million minimum liquidity requirement. Proceeds are also expected to cover the remaining $17.1 million balance of its 2026 convertible notes, providing more than 12 months of operating cash and supporting the anticipated U.S. launch of its lead asset, narsoplimab, for transplant‑associated thrombotic microangiopathy.
Omeros’ Q3 2025 financial results showed a net loss of $30.9 million ($0.47 per share), a modest improvement from the $32.2 million loss ($0.56 per share) reported in Q3 2024. For the nine‑month period ended September 30, 2025, the company posted a net loss of $89.8 million ($1.47 per share) versus $125.5 million ($2.15 per share) in the prior year. The deal’s cash infusion and debt repayment are expected to stabilize the company’s balance sheet and extend its runway as it pursues narsoplimab’s regulatory approval.
By transferring zaltenibart to Novo Nordisk, Omeros removes the commercial development burden of the antibody while retaining rights to its small‑molecule MASP‑3 program. The company can now concentrate capital and resources on advancing narsoplimab and other pipeline candidates, positioning itself for a potential revenue stream once the lead asset receives regulatory clearance.
Novo Nordisk’s chief scientific officer, Martin Holst Lange, highlighted zaltenibart’s novel mode of action and the opportunity to build on Omeros’ work to develop a differentiated treatment for complement‑mediated diseases. Executive Vice President Ludovic Helfgott added that the agreement expands Novo Nordisk’s rare‑disease portfolio and could drive additional growth in that segment.
Investors welcomed the deal, noting the significant cash infusion, debt reduction, and the strategic shift toward narsoplimab. Analysts emphasized that the transaction de‑risks Omeros’ financial outlook and provides a clear focus on a single, high‑potential asset, while also preserving the company’s small‑molecule pipeline for future development.
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