Omeros Corporation (NASDAQ: OMER) shares continued their ascent on the US stock market, persisting even after the close of business yesterday. Omeros' stock witnessed an impressive surge of 8.82%, reaching $3.7 during the extended trading session. This increase followed a 4.94% rise in the regular session, concluding at $3.40. The surge in OMER stock was triggered by the execution of a noteworthy royalty purchase agreement by the company.
Today, Omeros (OMER) revealed the transfer of an expanded stake in particular royalty proceeds tied to the net revenue from OMIDRIA in the United States to DRI Healthcare Acquisitions LP ("DRI"), a wholly-owned subsidiary of DRI Healthcare Trust. Originally designed and introduced by Omeros, OMIDRIA is a revolutionary ophthalmic instrument intended for use in cataract and lens replacement procedures.
Rayner Surgical Inc. received OMIDRIA and its associated business assets from Omeros in December 2021. As per the conditions mentioned in the asset purchase agreement, Omeros is qualified to receive royalties that are determined by OMIDRIA's net sales. Omeros and DRI entered into a royalty acquisition agreement on September 30, 2022, which brought Omeros a monetary benefit of $125 million.
This was given in return for a share, restricted by yearly limits, of Omeros' royalties on global net sales of OMIDRIA payable by Rayner from September 1, 2022, to December 31, 2030. Presently, Omeros and DRI have expanded their royalty purchase agreement, leading to Omeros receiving an upfront payment of $115 million from DRI.
This entitles DRI to the remaining royalties on U.S. net sales of OMIDRIA, payable between January 1, 2024, and December 31, 2031. Excluding the purchased royalties, DRI holds no claim to Omeros' assets. As part of the extended agreement, the outstanding balance of $174 million in annual caps payable by Omeros to DRI has been extinguished.
Furthermore, Omeros stands to receive two milestone payments from DRI, each amounting to a maximum of $27.5 million, scheduled for disbursement in January 2026 and January 2028, contingent on meeting specific OMIDRIA net sales thresholds.