Esperion Therapeutics, Inc. (ESPR)

Esperion Therapeutics was a commercial-stage biopharmaceutical company founded in 2008 and headquartered in Ann Arbor, Michigan. It focused on oral, once-daily, non-statin therapies for people who struggle to bring their LDL cholesterol to target and who are at risk of cardiovascular disease.

Its lead products were NEXLETOL (bempedoic acid) and NEXLIZET, a fixed-dose combination of bempedoic acid and ezetimibe. Both were approved in the United States in 2020 for lowering LDL cholesterol in certain patients, and the company later received expanded labeling tied to cardiovascular outcomes. Esperion built its own U.S. commercial organization and relied on partners for other regions.

Esperion completed its initial public offering on Nasdaq in 2013 under the symbol ESPR. It entered a license and collaboration agreement with Daiichi Sankyo Europe GmbH for European commercialization of bempedoic acid products, and it also partnered with other companies in other territories. In 2024 it in-licensed an oral small-molecule PCSK9 inhibitor program from Serometrix.

The company diversified beyond cholesterol management with additional products and pipeline candidates in cardiometabolic and rare disease areas, including a bumetanide product branded ENBUMYST and programs built on ACLY biology targeting conditions such as primary sclerosing cholangitis and renal diseases. Like many commercial-stage biotechs, Esperion had significant debt and faced the challenge of scaling product revenue against ongoing development costs.

On or around May 1, 2026, Esperion announced a definitive agreement to be acquired by funds managed by ARCHIMED, a healthcare-focused investment firm. Holders of Esperion common stock were to receive $3.16 per share in cash, a 58 percent premium to the April 30, 2026 closing price, along with one contingent value right per share. Total equity value was stated as up to about $1.1 billion including the CVRs.

The CVRs were tied to two milestones: up to $40 million if 2027 U.S. net sales of NEXLETOL and NEXLIZET exceeded $350 million, with a sliding scale between $300 million and $350 million, and $60 million if ENBUMYST annual U.S. net sales reached at least $160 million in any calendar year through 2030. Debt financing was provided by funds managed by Pharmakon Advisors.

Esperion stockholders approved the merger in July 2026, and the transaction closed on July 13, 2026. Following the closing, Esperion became privately held, its common stock was removed from Nasdaq, and a Form 25 was filed with the SEC.