Covington Advises RA Capital in $250 Million Loan Facility to ARS Pharmaceuticals

NEW YORK—Covington represented an affiliate of RA Capital Management, LP ("RA Capital") in a senior secured term loan facility of up to $250 million, alongside an affiliate of OMERS Life Sciences, entered into with ARS Pharmaceuticals, Inc. (“ARS Pharma”), including an initial $100 million investment.

ARS Pharma intends to primarily use the financing to support the acceleration of commercial activity for neffy, the company's innovative nasal spray for the emergency treatment of Type 1 allergic reactions including anaphylaxis, an important product that provides a needle-free option for patients and their families.

Founded in 2004, RA Capital is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare, life sciences, and planetary health companies.

The Covington finance team included Peter Schwartz, Jennifer Uren, Melanie Cook, and Shawn Thibault.