Omeros Shares Soar 154.15% on $2.1B Licensing Deal with Novo Nordisk

Omeros Corporation (NASDAQ: OMER) shares surged 154.15% on October 15, 2025, hitting a 19-month high amid a landmark licensing agreement with Novo Nordisk A/S. The stock’s intraday rally reached 195.12%, driven by a transformative deal valued at up to $2.1 billion, which provides immediate liquidity and validates Omeros’ pipeline of complement-targeting therapies.

The agreement grants Novo Nordisk global rights to zaltenibart, Omeros’ MASP-3 inhibitor in development for rare blood disorders like paroxysmal nocturnal hemoglobinuria (PNH). The upfront payment of $340 million, combined with milestone and royalty structures, addresses Omeros’ liquidity needs and de-risks its development timeline. This partnership allows Omeros to retain rights to other MASP-3 programs and focus on advancing narsoplimab, its anti-MASP-2 candidate for aTMA, while leveraging Novo’s global infrastructure for late-stage trials.

The deal underscores Novo Nordisk’s strategic interest in expanding its rare disease portfolio through high-potential biologics. Zaltenibart’s mechanism targeting the complement system offers a differentiated approach compared to existing C5 inhibitors like AstraZeneca’s Soliris and Ultomiris. Positive Phase 2 data in PNH demonstrated its efficacy in reducing hemolysis and improving patient outcomes, positioning it as a potential best-in-class therapy. Novo plans to initiate global Phase 3 trials in late 2025, accelerating its path to commercialization.

For Omeros, the partnership reduces operational burdens and aligns its risk profile with long-term success. The milestone-based payments and tiered royalties ensure continued upside without bearing the full cost of late-stage development. This model is particularly advantageous in rare disease markets, where clinical and commercial challenges are significant. The transaction also reflects broader industry trends, with large pharma players increasingly acquiring early-stage assets to diversify pipelines and mitigate R&D risks.

Investor optimism is further fueled by Novo’s involvement, which signals reduced development uncertainty and enhanced commercialization prospects. Analysts had already positioned OMER as a “Moderate Buy” with a $22 price target, suggesting further upside. As the deal nears completion in Q4 2025, the success of zaltenibart’s Phase 3 trials will be critical in determining its market potential and Omeros’ long-term trajectory.