Elanco Animal Health (ELAN) said Monday it has sold certain future tiered royalties and commercial milestones of its lotilaner ophthalmic solution Xdemvy 0.25% to funds affiliated with Blackstone's (BX) Blackstone Life Sciences and Blackstone Credit & Insurance for $295 million in cash.
The company said it will use the proceeds to pay down debt.
Elanco said the deal applies to certain tiered royalties linked to the US net sales of Xdemvy from April 2025 to August 2033 as well as certain commercial milestones.
The company said it continues to hold the rights to all royalty payments on net sales outside US and on any future applications of lotilaner beyond ophthalmic solutions.
Elanco's stock rose 2% in recent Monday premarket activity.
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