Intellia Therapeutics entered into a five-year senior secured credit facility with OrbiMed, providing up to $400 million in non-dilutive financing. The agreement is structured in tranches, with an initial $75 million drawn at closing, to support working capital needs and general corporate purposes, including the potential commercial launch of its drug candidate, lonvoguran ziclumeran (lonvo-z).
Key Details
- Facility Structure: The agreement includes an initial $75 million draw, with up to $225 million in additional tranches available at Intellia's option upon achieving specific regulatory (lonvo-z FDA approval), commercial revenue, and financing milestones. An additional uncommitted $100 million facility is available subject to mutual agreement.
- Financial Terms: Loans under the facility mature on September 4, 2031, and bear interest at a rate equal to the greater of 3.00% or the one-month SOFR, plus a margin of 6.15%.
- Security & Covenants: The debt is secured by substantially all of Intellia's assets, including its intellectual property. The agreement contains customary financial and negative covenants, including maintaining minimum liquidity and restricting certain corporate actions.