Inspire Pharmaceutical shares jumped more than 11 percent Wednesday after the company disclosed a $75 million investment by private equity firm Warburg Pincus.

Inspire agreed to sell Warburg Pincus shares at $5.35 each, a 5 percent premium over Tuesday’s closing price of $5.09.

In late morning trading, Inspire (NASDAQ: ISPH) shares climbed 11.4 percent to $5.67. By the close, shares were up 23 percent, or $1.18, to close at $6.27.

Last month, Inspire disclosed that it had secured a $20 million line of credit.

“We are pleased to have Warburg Pincus as a significant investor and to add Jonathan as a member of our Board of Directors,” said Christy Shaffer, Inspire’s chief executive officer, in a statement. “Based on current operating plans, this financing strengthens our cash position and eliminates the near-term need for additional capital.”

Inspire said the funds would be used to help commercialize the antibiotic AzaSite and to support Phase III clinical trials of products as well as for working capital and general corporate purposes. Inspire licensed AzaSite and received FDA approval in April to sell it in the United States.

Jonathan Leff, a managing director at Warburg Pincus who leads biotechnology and pharmaceutical investments for the firm, will join Inspire’s board.

The deal is expected to close this week.

“We are delighted to partner with Inspire and to provide this significant financing to the Company,” Leff said. “We believe Inspire has an attractive portfolio of products and product candidates serving major unmet medical needs in ophthalmology and respiratory/allergy. We look forward to working together with the Inspire management team and Board of Directors to help Inspire achieve its long-term vision.”