Intellia Therapeutics, a biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies, entered into a $400 million non-dilutive senior secured term loan facility with OrbiMed, a global healthcare investment firm. The transaction provides Intellia with greater financial and operational flexibility as it advances toward several key milestones, including a planned U.S. approval and commercial launch of lonvoguran ziclumeran (lonvo-z) as a one-time treatment for patients with hereditary angioedema (HAE).
“Lonvo-z has the potential to transform the treatment paradigm for people living with HAE as well as the future capital needs of our company,” Edward Dulac, chief financial officer of Intellia, said. “This non-dilutive financing enables us to more freely execute our plan to successfully launch lonvo-z in HAE, advance nexiguran ziclumeran through multiple important milestones in transthyretin amyloidosis and create value through our early pipeline development efforts.”
Matthew Rizzo, general partner of OrbiMed, added, “OrbiMed is proud to partner with Intellia Therapeutics, a well-recognized leader in the in vivo gene editing revolution. We are looking forward to supporting the team as it approaches a number of exciting and transformational milestones.”
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.
TD Cowen acted as exclusive financial advisor to Intellia on the transaction. Goodwin Procter acted as legal advisor to Intellia. Covington & Burling acted as legal advisor to OrbiMed.
