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Finance Watch: Verona Accesses Up To $650m As Ensifentrine Approval Deadline Nears

Firm’s Second Big Financing In 2024

 
• By Mandy Jackson

Public Company Edition: Verona Pharma arranged up to $400m in new debt and up to $250m in revenue-related financing ahead of its COPD drug launch. Also, Organon, Sobi and Pacira priced $1bn, $275.1m and $250m note sales, respectively. Marinus, Emergent and Ginkgo cut jobs.

Finance Watch Public Company
• Source: Alamy

Verona Pharma plc entered into agreements that give the company access to as much as $650m in new debt and other financing, bringing its new cash potential to more than $1bn after starting the year with a new debt facility for up to $400m. The cash infusions are meant to fund the company’s upcoming launch of ensifentrine, should the US Food and Drug Administration approve the medicine for chronic obstructive pulmonary disease (COPD) by its 26 June action date.

London-based Verona said on 9 May that it entered into strategic financing agreements with funds managed by Oaktree Capital Management LP and OMERS Life Sciences for up to $400m under a new debt facility and up to $250m under a revenue interest purchase and sale agreement (RIPSA)

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