Chesterbrook-based Aclaris Therapeutics has agreed to sell $31.5 million of its future Eli Lilly and Co. royalty and milestone payments to a Canadian pension plan, writes John George for the Philadelphia Business Journal.

As part of the deal, the biopharmaceutical company will receive upfront payments of $26.5 million from the Ontario Municipal Employees Retirement System. Aclaris could receive up to an additional $5 million if the unspecified sales milestones tied to Lilly’s drug Olumiant are achieved this year.

Olumiant is a treatment for alopecia areata, which causes hair loss usually in small, round patches. Around 6.7 million people in the United States are affected by this condition, according to the National Alopecia Areata Foundation.

The Chesterbrook company, which focuses on developing new treatments for immuno-inflammatory diseases, signed a patent licensing deal with Lilly two years ago.

“This transaction bolsters our balance sheet and provides us with enhanced financial flexibility to pursue a range of value-creating opportunities while continuing to invest in our internal programs,” said Dr. Neal Walker, interim CEO and board chairman of Aclaris.

Read more about the future of Aclaris Therapeutics’ Eli Lilly and Co. in the Philadelphia Business Journal.

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