Shares of biopharmaceutical company Omeros Corporation (NASDAQ:OMER) are surging higher today after the company received a milestone payment of $200 million from Rayner Surgical under the 2021 Asset Purchase Agreement.
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The milestone payment relates to the sale of OMER’s Omidira to Rayner. The drug grossed net sales of $131 million in the U.S. and is expected to keep delivering higher sales.
Importantly, with this milestone payment, OMER’s $195 million cash pile gets a further boost and the company is now well-positioned to fund operations across its pipeline until 2025.
Overall, Wall Street has a $6 average price target on the stock implying a 52.8% further upside. Despite today’s price gains, OMER shares are still down 42% over the past year.
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