Covington Represents OrbiMed in $208M neffy® Royalty Monetizaton

NEW YORK—Covington advised an affiliate of OrbiMed Advisors in its agreement to purchase 100% of Neurelis Inc.’s rights, royalty interests, and related sales milestone payments on global net sales of neffy® (nasal epinephrine), for an aggregate purchase price of $208 million.

neffy® is the first, FDA approved, non-injectable treatment available to patients with severe type I allergic reactions, including anaphylaxis, and is designed for convenience, ease-of-use, and rapid administration. As compared to currently available epinephrine treatment options, this is a simple to use, needle-free, low-dose aqueous formulation of epinephrine for nasal administration.

OrbiMed is a leading healthcare investment firm, with approximately $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through a range of private equity funds, public equity funds, and royalty/credit funds.