Covington Represents OrbiMed in $50M Financing

NEW YORK—Covington advised OrbiMed Advisors, LLC, a healthcare investment firm, in a debt financing facility for up to $50 million with TriSalus Life Sciences Inc. Under the terms of the agreement, TriSalus borrowed $25 million at the closing of the transaction. Additionally, if certain specified revenue thresholds are achieved, TriSalus will be able to borrow an aggregate of an additional $25 million available in two tranches. 

OrbiMed is a healthcare investment firm, with approximately $17 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.

TriSalus is an oncology focused medical technology business providing disruptive drug delivery technology with the goal of improving therapeutics delivery to liver and pancreatic tumors.

The Covington team included Peter Schwartz and Jennifer Uren (finance), Alicia Zhang (capital markets), Kurt Baca and Sumaya Bouadi (tax), Michael Francese (ERISA), Steven Mossey (IP), and Scott Danzis (regulatory).