Esperion to Acquire Corstasis for $75M, Adding FDA-Approved Nasal Diuretic
Esperion Therapeutics will acquire Corstasis Therapeutics for $75 million upfront, plus up to $180 million in milestones, adding Enbumyst nasal spray to its cardiovascular portfolio and targeting a $4 billion U.S. edema market. Shares fell 11% yesterday, extending a 21.4% year-to-date decline versus the industry’s 2% rise.
1. Acquisition Terms and Structure
Esperion Therapeutics agreed to purchase all outstanding shares of privately held Corstasis Therapeutics for $75 million in cash upfront, with up to $180 million in contingent payments tied to regulatory and commercial milestones. The deal also includes low double-digit royalties on net sales of Enbumyst and is expected to close in the second quarter of 2026.
2. Enbumyst Profile and Market Opportunity
Enbumyst is the first and only FDA-approved nasal spray diuretic for edema associated with congestive heart failure, hepatic and renal diseases in adults, offering a self-administered outpatient alternative. Management estimates the U.S. market opportunity for Enbumyst at over $4 billion, positioning Esperion to bridge the gap between oral and IV diuretic therapies.
3. Financing and Financial Impact
The acquisition will be funded through existing credit facilities and by monetizing Japanese royalties via third-party funds managed by Athyrium Capital Management and HealthCare Royalty. Esperion’s U.S. sales of its two existing LDL-C therapies grew 38% to $115.8 million in the first nine months of 2025, and the new asset is expected to accelerate double-digit revenue growth.
4. Stock Reaction and Outlook
Following the announcement, Esperion shares dropped 11% in one day and have fallen 21.4% year to date against a 2% industry gain. Investors will watch for integration progress, milestone achievements and the closing of the transaction in Q2 2026 as key catalysts for stock performance.