NEW YORK—Covington advised Omeros Corporation in its completion of a series of strategic financial transactions, further strengthening its balance sheet and extending the maturity profile on a substantial portion of its debt from February 2026 to June 2028, while providing a secure source of capital to support potential commercialization of its lectin pathway inhibitor narsoplimab and flexibility to manage the remaining balance of 2026 convertible notes.
Omeros entered into a Credit and Guaranty Agreement with certain funds managed by Athyrium Capital Management, LP and certain funds managed by Highbridge Capital Management, LLC, as lenders. The agreement provides for a senior secured term loan facility initially of up to $92.1 million that includes a fully funded initial term loan of $67.1 million as well as a $25.0 million delayed draw term loan. Omeros used the proceeds of the initial term loan and $21.2 million of cash on hand, subject to certain post-closing adjustments, to repurchase $118.1 million aggregate principal amount of Omeros’ existing 5.25% Convertible Senior Notes due February 15, 2026, held by Athyrium and Highbridge, representing a total of 55 percent of the outstanding 2026 Notes.
Omeros is an innovative biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market and orphan indications targeting immunologic disorders, including complement-mediated diseases, cancers, and addictive and compulsive disorders.
The Covington team included Peter Schwartz, Julian C.D. Wright, Brendon E. Francis, Matthew Foster, and Ifeoma S. Irobunda (finance), Matthew Franker, Kerry Burke, Julie M. Plyler, and Ian Macdonald (securities & capital markets), Kurt Baca and Jamin Koo (tax), Matthew Hegreness (regulatory), Anna Kraus (healthcare), Melody Wu (IP), Heather Haberl and Zach Schutz (real estate), Robert Newman (benefits), and David Engvall (opinion committee).
Covington has a leading practice in life sciences finance matters, regularly representing both capital providers and the companies that seek funding in this market. Covington’s specialized life sciences finance expertise encompasses life sciences lending, revenue interest and drug development financings and royalty monetization transactions.
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