OrbiMed has provided Intellia Therapeutics with a senior secured term loan facility of up to $400 million. Intellia, listed on Nasdaq as NTLA, announced the non-dilutive private credit facility on 4 September 2026 and drew $75 million at closing.
The facility matures on 4 September 2031. A further $75 million is available at Intellia's option upon US Food and Drug Administration approval of a biologics licence application for lonvoguran ziclumeran, or lonvo-z. Three $40 million tranches are tied to lonvo-z revenue targets and a $30 million tranche to an equity fundraising target, taking optional milestone capacity to $225 million. An uncommitted further $100 million is available subject to mutual agreement during the five-year term.
The loans bear interest, payable monthly, at the greater of 3.00 per cent or the one-month SOFR rate, plus a margin of 6.15 per cent. The facility is secured on a first-priority basis by substantially all of Intellia's assets, including its intellectual property. Until FDA approval of the lonvo-z BLA, Intellia must keep at least $50 million of liquidity in controlled accounts.
Intellia is a Cambridge, Massachusetts biopharmaceutical company developing CRISPR gene-editing therapies. It said the facility will support planned US approval and commercial launch of lonvo-z as a one-time treatment for hereditary angioedema, advancement of nexiguran ziclumeran, or nex-z, in transthyretin amyloidosis, and early pipeline work. Proceeds are for working capital and general corporate purposes.
Edward Dulac, Intellia's Chief Financial Officer, said the non-dilutive financing enables the company to execute its plan to launch lonvo-z in HAE, advance nex-z through multiple milestones and create value through early pipeline development. Matthew Rizzo, a General Partner at OrbiMed, said the firm looks forward to supporting Intellia through its milestones.
The initial lenders are OrbiMed Royalty and Credit Opportunities IV, LP and OrbiMed Royalty and Credit Opportunities V, LP, with Fund V acting as administrative agent. OrbiMed raised $1.86 billion for Royalty and Credit Opportunities Fund V in August 2025, focused on non-dilutive credit and royalty-based financing for healthcare companies, and says it has more than $17 billion of assets under management.
The facility follows an underwritten public offering of common stock in April 2026 that raised about $195 million net. Cash, cash equivalents and marketable securities were $628.4 million on 30 June 2026, which Intellia said is expected to fund operations at least into 2028.
TD Cowen acted as exclusive financial adviser to Intellia. Goodwin Procter LLP advised Intellia and Covington and Burling LLP advised OrbiMed.