{"id":846243,"date":"2025-05-05T06:30:30","date_gmt":"2025-05-05T10:30:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/elanco-sells-royalty-and-milestone-rights-for-lotilaner-in-human-health-to-blackstone-accelerates-debt-paydown\/"},"modified":"2025-05-05T06:30:30","modified_gmt":"2025-05-05T10:30:30","slug":"elanco-sells-royalty-and-milestone-rights-for-lotilaner-in-human-health-to-blackstone-accelerates-debt-paydown","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/elanco-sells-royalty-and-milestone-rights-for-lotilaner-in-human-health-to-blackstone-accelerates-debt-paydown\/","title":{"rendered":"Elanco Sells Royalty and Milestone Rights for Lotilaner in Human Health to Blackstone; Accelerates Debt Paydown"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n GREENFIELD, Ind.<\/span>
\n <\/span>, May 5, 2025<\/span><\/span> \/PRNewswire\/ — Elanco Animal Health Incorporated (NYSE: ELAN) today announced the sale of certain future tiered royalties and commercial milestones associated with XDEMVY\u00ae (lotilaner ophthalmic solution) 0.25%, for the human health application of lotilaner, to funds affiliated with Blackstone Life Sciences and Blackstone Credit<\/span> & Insurance for $295 million<\/span> in cash. Monetization of this non-core asset will be used to accelerate debt reduction, positioning Elanco to achieve an expected net leverage ratio of 3.9x to 4.3x adjusted EBITDA by the end of 2025. Elanco will repay portions of its outstanding term loans on a pro-rata basis, which is expected to reduce interest expense by approximately $10 million<\/span>, offset by the sale of approximately $10 million<\/span> of royalties based on Elanco’s initial 2025 guidance.<\/p>\n

\n

\n
\n \"Elanco
\n <\/a>\n <\/p>\n<\/p><\/div>\n

In 2019, Elanco exclusively licensed lotilaner to Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS) for exploration as a solution to several unmet human health needs. In 2023, XDEMVY became the first lotilaner-based product approved for human use and the only FDA-approved medicine for treatment of Demodex<\/i> blepharitis (DB), a common eyelid disease in humans caused by Demodex<\/i> mites.<\/p>\n

“Elanco’s team of scientific experts is focused on identifying and developing molecules to generate high-impact innovation, not just in our own portfolio, but in adjacent industries to create broader value,” said Jeff Simmons<\/span>, Elanco President and CEO. “As we continue to focus on launching our recent innovation and accelerating our core business sales growth in 2025, this transaction delivers incremental cash that advances our deleveraging goals making high 3x net leverage a real possibility by the end of 2025. We appreciate Blackstone’s collaborative investment to further Elanco’s goals and their recognition of the positive potential impact of XDEMVY on millions of DB patients in the U.S.”<\/p>\n

“Elanco’s innovation served as the basis for XDEMVY’s strong efficacy and safety profile, and Tarsus’ executional strength has led to its rapid adoption and commercial success. We are pleased to partner with both leading pharmaceutical companies and back this first-in-class treatment that addresses a pervasive and damaging eyelid disease,” said Craig Shepherd<\/span> and Kiran Reddy<\/span>, MD, Senior Managing Directors, Blackstone Life Sciences.<\/p>\n

The agreement applies to certain tiered royalties associated with the U.S. net sales of XDEMVY from April 2025<\/span> through August 2033<\/span> and certain commercial milestones. Elanco retains the rights to all royalty payments on net sales outside the U.S. as well as any future human applications of lotilaner beyond ophthalmic solutions.\u00a0 \u00a0<\/p>\n

Morgan Stanley & Co. LLC acted as the sole structuring agent.<\/p>\n

\n CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<\/b>\n <\/p>\n

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning the expected financial impacts of the royalty sale on our financial results, plans for using the cash we receive in the sale, and expected financial results for 2025.\u00a0 Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important risk factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including our ability to recognize the expected financial and cash generation benefits of the transaction and additional factors that could cause actual results to differ materially from forward-looking statements described in the company’s latest Form 10-K and Form 10-Qs filed with the Securities and Exchange Commission. We caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this press release. Any forward-looking statement made by us in this press release speaks only as of the date thereof. We undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.<\/p>\n

\n ABOUT ELANCO
<\/b>Elanco Animal Health Incorporated (NYSE: ELAN) is a global leader in animal health dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets, creating value for farmers, pet owners, veterinarians, stakeholders and society as a whole. With 70 years of animal health heritage, we are committed to breaking boundaries and going beyond to help our customers improve the health of animals in their care, while also making a meaningful impact on our local and global communities. At Elanco, we are driven by our vision of Food and Companionship Enriching Life and our Elanco Healthy Purpose\u2122 sustainability pillars \u2013 all to advance the health of animals, people, the planet and our enterprise. Learn more at\u00a0www.elanco.com<\/a>.<\/p>\n

\n About Blackstone Life Sciences
<\/b>Blackstone Life Sciences (BXLS) is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $12 billion<\/span> in assets under management.<\/p>\n

\n About Blackstone Credit<\/span> & Insurance <\/b>
\n
\n Blackstone Credit<\/span> & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.<\/p>\n

Investor Contact: Tiffany Kanaga<\/span> (765) 740-0314 tiffany.kanaga@elancoah.com<\/a><\/u>
Media Contact: Colleen Dekker<\/span> (317) 989-7011 colleen.dekker@elancoah.com<\/a><\/u>\u202f\u202f\u00a0\u00a0<\/p>\n

\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/elanco-sells-royalty-and-milestone-rights-for-lotilaner-in-human-health-to-blackstone-accelerates-debt-paydown-302445704.html<\/a><\/p>\n

SOURCE Elanco Animal Health<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire GREENFIELD, Ind. , May 5, 2025 \/PRNewswire\/ — Elanco Animal Health Incorporated (NYSE: ELAN) today announced the sale of certain future tiered royalties and commercial milestones associated with XDEMVY\u00ae (lotilaner ophthalmic solution) 0.25%, for the human health application of lotilaner, to funds affiliated with Blackstone Life Sciences and Blackstone Credit & Insurance for $295 million in cash. Monetization of this non-core asset will be used to accelerate debt reduction, positioning Elanco to achieve an expected net leverage ratio of 3.9x to 4.3x adjusted EBITDA by the end of 2025. Elanco will repay portions of its outstanding term loans on a pro-rata basis, which is expected to reduce interest expense by approximately $10 million, offset by the sale of … <\/p>\n

Continue reading “Elanco Sells Royalty and Milestone Rights for Lotilaner in Human Health to Blackstone; Accelerates Debt Paydown”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-846243","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nElanco Sells Royalty and Milestone Rights for Lotilaner in Human Health to Blackstone; Accelerates Debt Paydown - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/elanco-sells-royalty-and-milestone-rights-for-lotilaner-in-human-health-to-blackstone-accelerates-debt-paydown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elanco Sells Royalty and Milestone Rights for Lotilaner in Human Health to Blackstone; Accelerates Debt Paydown - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire GREENFIELD, Ind. , May 5, 2025 \/PRNewswire\/ — Elanco Animal Health Incorporated (NYSE: ELAN) today announced the sale of certain future tiered royalties and commercial milestones associated with XDEMVY\u00ae (lotilaner ophthalmic solution) 0.25%, for the human health application of lotilaner, to funds affiliated with Blackstone Life Sciences and Blackstone Credit & Insurance for $295 million in cash. 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