Shots:
- Elanco has sold certain future royalties & milestones linked to Xdemvy (0.25% lotilaner ophthalmic solution) for human use, to Blackstone Life Sciences & Blackstone Credit & Insurance to reduce its debt & strengthen its financial position
- As per the deal, Elanco will receive $295M in cash to repay portions of its loans on a pro-rata basis, reduce annual interest expense by ~$10M, & lower its net leverage ratio to 3.9x–4.3x adjusted EBITDA by end-2025, while losing ~$10M of 2025 royalties
- Deal incl. certain tiered royalties from the US sales of Xdemvy (Apr 2025 to Aug 2033) & select milestones, while Elanco retains rights to all non-US royalties & future non-ophthalmic indications of lotilaner
Ref: Elanco | Image: Elanco and Blackstone
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