Preheat oven to 350°. In a large microwave-safe bowl, combine first four ingredients; microwave, covered, on high for 30 seconds. Cool slightly.

Cut each biscuit into four pieces; add to oil mixture and toss to coat. Add cheeses and pepperoni; toss to combine. In a heavy 10-in. fluted tube pan coated with cooking spray, layer half of the biscuit mixture; drizzle with 1/4 cup marinara sauce. Repeat layers.

Bake about 40 minutes or until golden brown. Cool in pan 10 minutes.