Omeros Corporation (NASDAQ: OMER) stock soared 149% to close at $10.19 on October 15, up $6.09 from the previous day’s close of $4.10. This dramatic surge followed the announcement of a $2.1 billion licensing and asset purchase agreement with Danish pharmaceutical giant Novo Nordisk for Omeros’ MASP-3 inhibitor drug candidate, zaltenibart (formerly OMS906).
### Significant Licensing Deal with Novo Nordisk
The deal grants Novo Nordisk exclusive worldwide rights to develop and commercialize zaltenibart, which targets rare blood and kidney disorders. Under the agreement, Omeros will receive $340 million in upfront and near-term payments, with potential milestone payments boosting the total deal value to $2.1 billion. Additionally, Omeros stands to earn royalties on future sales if zaltenibart successfully reaches the market.
Trading volume exploded to 77.9 million shares on October 15, a huge increase compared to the typical daily volume of 1.2 million shares. The stock opened the day at $11.53, hitting an intraday high of $12.77 before settling at $10.19. Over the past 52 weeks, OMER stock has traded between $0.92 and $12.87.
### Financial Position and Impact of the Deal
As of June 30, 2025, Omeros held just $28.7 million in cash and short-term investments and reported a cash burn of $58.9 million during the first half of the year. Without any current product sales and operating at a chronic loss, the company’s financial position has been precarious.
The $340 million upfront payment from Novo Nordisk is expected to bolster Omeros’ cash reserves significantly, enabling the company to pay down debts and fund operations for more than a year. Despite this, at midday on October 15, Omeros’ market capitalization was just under $700 million.
### Update on Lead Drug Candidate: Narsoplimab
While zaltenibart is a promising asset, it is not Omeros’ most advanced drug candidate. Their lead product, narsoplimab, a MASP-2 inhibitor, is currently under FDA review for treating hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA). The FDA initially rejected narsoplimab’s application in 2021, citing difficulties in estimating treatment effects and requesting additional data.
Omeros submitted further data in December 2021. The FDA set an initial target decision date of September 25, 2025, but this was later extended to December 26, 2025. This delay extends the uncertainty regarding narsoplimab’s approval and commercial potential.
Adding to the concerns, narsoplimab failed a pivotal 2023 trial testing its efficacy in treating kidney damage from an autoimmune disorder different from HSCT-TMA. Moreover, the FDA likely requested a randomized controlled trial in 2021, a study Omeros did not conduct. Instead, the company compared a small group of 28 treated patients to similar untreated patients outside the trial.
### Looking Ahead
Omeros signaled in August 2025 that a significant deal was imminent, highlighting advanced negotiations around zaltenibart. The licensing agreement with Novo Nordisk represents a critical milestone for Omeros, potentially stabilizing the company’s finances while expanding the development prospects of zaltenibart under a major pharmaceutical partner.
Investors will be closely watching the FDA’s December decision on narsoplimab, which remains pivotal to Omeros’ future commercial success.
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*The above content is based on developments as of October 15, 2025.*
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