NEW YORK—Covington advised OrbiMed in its entry into an up to $400 million non-dilutive senior secured term loan facility with Intellia Therapeutics, Inc.
The facility includes an initial term loan of $75 million that was funded at closing, five additional tranches totaling up to $225 million that can be drawn at Intellia’s option subject to its achievement of specified milestones related primarily to lonvo-z, and an additional $100 million available subject to mutual agreement between the parties during the five-year term of the agreement.
OrbiMed is a global investment firm that invests in companies engaged in the discovery and development of biopharmaceutical products, medical technologies, medical devices, diagnostics, drug discovery tools, and healthcare information technology and services companies.
Intellia is a leading clinical-stage biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies. Based on Nobel Prize-winning CRISPR/Cas9 technology, lonvo-z has the potential to become the first one-time treatment for HAE.
The Covington team included Peter Schwartz, Jennifer Uren, Melanie Cook, and Shawn Thibault (finance), Scott Cunningham, Marienna Murch, and Natalie Maas (regulatory), Kurt Baca (tax), Steve Mossey (IP), and Mike Francese (ERISA; benefits).
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