JWCA advises Spero on its partial monetization of global milestone and royalty rights to Utebzi™ for $105 million in non-recourse royalty-backed notes while retaining future participation rights

July 2026 | read press release

Transaction Background

Spero Therapeutics, Inc. (“the Company”) hired J. Wood Capital Advisors as its Financial Advisor to advise on a capital raise based on the Company’s right to receive milestones and royalties from global net sales of Utebzi™ (tebipenem pivoxil), the first and only approved oral carbapenem antibiotic therapy in the U.S., for complicated urinary tract infections. GSK markets Utebzi globally except for select Asian territories.

Objectives:

  • Pull forward value and proceeds from a passive royalty stream and avoid recourse back to the Company

  • Concurrently fund a transformational business development acquisition that pivots the Company towards a Phase 2 immunology asset from Innovent Biologics

  • Maximize upfront proceeds to support the new business development and financial plan and maximize runway at acquisition closing

  • Retain future upside value in Utebzi and achieve a competitive cost of capital

JWCA designed and ran a process to help Spero achieve its objectives. Upon obtaining terms, JWCA:

  • Analyzed offers to help the Company negotiate and improve the proposal that best met its objectives

  • Provided advice and support to the Company around valuation, structuring, documentation, and investor messaging

Results

Spero raised significant outside capital from a passive asset without dilution or recourse to Spero parent (i.e. special purpose vehicle serviced only by GSK payments), allowing the Company to concurrently announce its business development transaction without a financing overhang (runway into 2H 2029)

Achieved financing outcome that balanced the Company’s objectives, including maximizing both near-term proceeds and retaining significant future value at a competitive cost of capital