Omeros Corporation Announces Completion of Asset Purchase and License Agreement with Novo Nordisk for Zaltenibart a Late-Stage MASP-3 Inhibitor
Omeros Corporation today announced the successful closing of its previously disclosed asset purchase and licensing transaction with Novo Nordisk, involving the company’s clinical-stage therapeutic candidate zaltenibart, formerly known as OMS906. The completion of this agreement marks a significant strategic milestone for Omeros and further positions zaltenibart as an important emerging therapy within the rare disease and complement-mediated disorders landscape.
Zaltenibart is a first-in-class, humanized monoclonal antibody currently in late-stage clinical development. The therapy is specifically designed to target MASP-3 (mannan-binding lectin-associated serine protease-3), which is recognized as the most upstream and essential activator of the alternative complement pathway. The alternative pathway plays a central role in immune response regulation and dysregulation, and its overactivation has been implicated in a range of hematologic and renal diseases.
By selectively inhibiting MASP-3, zaltenibart offers a mechanism of action that is differentiated from existing complement inhibitors already on the market or currently under clinical investigation. Early clinical findings suggest that zaltenibart may provide multiple advantages, including the potential for improved dosing convenience, better target efficiency, and reduced off-target immune effects. These qualities may support its positioning as a best-in-class therapeutic candidate within its category.
The closing of this transaction follows the original announcement of the asset purchase and license agreement made public on October 15, 2025. Under the finalized terms, Omeros is eligible to receive a combination of upfront and near-term milestone payments totaling up to $340.0 million. Of this total, the upfront cash payment of $240.0 million has been delivered to Omeros at closing. Beyond the initial financial consideration, the transaction provides for the potential of additional value creation, with total eligible payments reaching up to approximately $2.1 billion. This includes future development, regulatory, and commercial milestone payments, along with tiered royalty payments based on global net sales of zaltenibart should the program successfully advance to commercialization.
Novo Nordisk will assume full responsibility for the continued clinical development and commercialization strategy of zaltenibart. With its established expertise and existing infrastructure in rare blood and kidney disorders, Novo Nordisk is well positioned to accelerate late-stage development timelines and potentially expand indications for the therapy. The company has expressed confidence in zaltenibart’s potential to provide a differentiated and clinically meaningful treatment option for individuals living with complement-mediated diseases, many of whom currently lack highly effective or durable therapeutic alternatives.
Omeros retains rights to its MASP-3 small-molecule program, which remains unaffected by the divestiture of zaltenibart. This preserved portfolio includes the ability to develop and commercialize small-molecule MASP-3 inhibitors under a broad range of indications with limited restrictions. The retained program underscores Omeros’ continued scientific interest in complement biology and therapeutic innovation within related treatment areas.
As part of the closing process, Omeros made a full prepayment of its outstanding senior secured term loan obligation totaling $67.1 million in principal. This payment included all applicable prepayment premiums, accrued interest, and related closing expenses. With this transaction, the senior secured credit agreement between Omeros and its lenders has been fully terminated. All liens and covenant obligations associated with the loan — including the previously required $25.0 million minimum liquidity covenant — have been released, significantly improving corporate financial flexibility.
Following the loan repayment, Omeros expects the remaining transaction proceeds to meaningfully strengthen its balance sheet and liquidity position. The company anticipates these proceeds will be sufficient to fully repay, at or before maturity, the outstanding principal balance of its 2026 Convertible Notes totaling approximately $17.1 million. In addition, Omeros projects that the remaining available funds will support ongoing operations for a period exceeding 12 months. This financial runway includes planned expenses for the anticipated U.S. commercial launch of narsoplimab, the company’s investigational treatment for transplant-associated thrombotic microangiopathy (TA-TMA), subject to regulatory approval.
The successful execution and closing of the transaction with Novo Nordisk reinforces Omeros’ strategy of advancing high-value assets through clinical development and partnering them with leading biopharmaceutical companies capable of delivering global commercialization scale. The company expects this agreement to accelerate zaltenibart’s path toward becoming a commercially available treatment candidate and to generate long-term value for Omeros, its shareholders, and the broader rare disease ecosystem.
Omeros leadership expressed confidence that the collaboration with Novo Nordisk will maximize the program’s medical and market potential. In parallel, the company remains focused on advancing its internal research and development pipeline, executing near-term regulatory milestones, and preparing for the commercialization of narsoplimab and other emerging assets.
With today’s announcement, Omeros marks a major advancement in organizational growth, financial stability, and strategic focus, while patients and clinicians in the rare disease community move one step closer to potential new therapeutic options.
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