Press release
Insmed Announces Strategic Financings Totaling $775 Million
—$500 million secured in non-dilutive structured financings consisting of a term loan and capped royalty financing— —$275 million underwritten offering of
About this update from Insmed Incorporated
[{"type":"text","content":"—$500 million secured in non-dilutive structured financings consisting of a term loan and capped royalty financing—\n—$275 million underwritten offering of common stock—\n—Financings increase cash and cash equivalents and marketable securities to approximately $1.3 billion—\nBRIDGEWATER, N.J., Oct. 19, 2022 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, today announced three strategic financings resulting in aggregate gross proceeds of $775 million. Proceeds from the transactions will strengthen Insmed's financial position, which will place the Company in a position to deliver clinical data from each of its four pillars.\n\"Insmed is at a pivotal moment in its history, as we prepare to serve significantly more patients with serious and rare diseases. We believe these financings provide the company with ample resources to advance our four pillars through key clinical trials and prepare for the potential commercial availability of ARIKAYCE for frontline NTM lung disease and brensocatib for bronchiectasis,\" commented Will Lewis, Chair and Chief Executive Officer of Insmed. \"We appreciate the extensive due diligence completed by the investors involved and share their enthusiasm for the Insmed pipeline and our vision for the future.\"\n\"We are excited to partner with Insmed as it advances its mission,\" said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. \"Led by a highly experienced management team, Insmed strives to improve the lives of patients suffering from debilitating diseases and is investing meaningfully in additional therapies which address significant unmet needs.\"\n\"This partnership exemplifies our collective confidence in the strength of Insmed's global ARIKAYCE franchise and the potential of brensocatib to address neutrophil-driven diseases,\" said Matthew Rizzo, General Partner of OrbiMed. \"We are pleased to support Insmed as the Company advances its rare disease pipeline.\"\n$350 Million Senior Secured LoanInsmed has entered into a $350 million senior secured term loan agreement with funds managed by Pharmakon Advisors, LP, a leading investor in non-dilutive debt for the life sciences industry and the investment manager of the BioPharma Credit funds (the \"Term Loan\"). The five-year T...