NEW YORK—Covington represented OrbiMed in its senior secured term loan facility of up to $50 million with DarioHealth Corp., providing DarioHealth with non-dilutive capital to fund the continued development of its platform and the acceleration of its adoption in the multi-billion dollar global chronic disease management market.
The five-year, $50 million facility is structured with a $25 million loan at closing and an additional $25 million available for a future draw before June 30, 2023, subject to Dario achieving certain revenue thresholds.
OrbiMed is a healthcare investment firm with $15 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, and royalty/credit funds.
DarioHealth is a digital therapeutics company providing a platform and suite of solutions delivering personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain, and behavioral health.
The Covington corporate team was led by Peter Schwartz, Jennifer Uren, Melanie Cook, and James DeFillippo, and included Kurt Baca and Jamin Koo (tax), Scott Danzis (FDA regulatory), Steven Mossey (intellectual property), and Mike Francese (employee benefits).
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