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Covington Represents OrbiMed in $125M Debt Financing with Verrica Pharmaceuticals

Press Release July 26, 2023

NEW YORK—Covington advised OrbiMed in its $125 million debt financing with Verrica Pharmaceuticals, a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Under the terms of the agreement, Verrica borrowed $50 million at the close of the transaction. In addition, if specified revenue thresholds are achieved, Verrica will be able to borrow an aggregate of an additional $75 million available in five tranches.

OrbiMed is a healthcare investment firm, with approximately $19 billion in assets under management. OrbiMed invests globally across the healthcare industry through a range of private equity funds, public equity funds, and royalty/credit funds.

The Covington team included Peter Schwartz, Jennifer Uren, and Brendon E. Francis (finance), Kurt Baca, Jamin Koo, and Sumaya Bouadi (tax), Marienna H. Murch, Christina Kuhn, and Michael Stern (regulatory), Steven K. Mossey (intellectual property), and Mike Francese (employee benefits).

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