Verona Secures Up To $650M in Funding as it Gears Up for Potential COPD Approval and Launch

Verona Pharma on Thursday announced that it had secured up to $650 million in a strategic financing agreement with Oaktree Capital Management and OMERS Life Sciences.

The funds will come as a $400 million debt facility available in five separate tranches, plus up to $250 million from the sale of a redeemable interest in future revenue associated with Verona’s investigational chronic obstructive pulmonary disease (COPD) therapy ensifentrine. This latter revenue interest purchase and sale agreement (RIPSA) is capped at 1.75 times the amount funded.