Intellia draws $75m from a $400m OrbiMed facility secured on nearly all assets
Stock photo
Intellia Therapeutics borrowed $75 million at closing under a five year senior secured credit agreement with OrbiMed funds.
The facility can reach $400 million, but $225 million of further commitments depends on an FDA approval, revenue targets and an equity fundraising target. A final $100 million is uncommitted and needs both sides to agree.
The interest rate is one month SOFR, subject to a 3% floor, plus 6.15 percentage points. That makes the minimum rate 9.15%.
The debt is secured by substantially all assets, including intellectual property, and Intellia must generally keep at least $50 million of liquidity until the specified FDA approval.
