RA Capital Management Funds Expansion of ARS Pharma Commercial Activity, Expands Portfolio of Financing Solutions for Innovative Healthcare Companies

– RA Capital and OMERS Life Sciences provide up to $250 million loan facility to commercial-stage biopharma company ARS Pharma to propel further growth –

BOSTON, Sept. 30, 2025 /PRNewswire/ -- RA Capital Management, LP ("RA Capital"), a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare, life sciences, and planetary health companies, today announced that its affiliate alongside an affiliate of OMERS Life Sciences has entered into a senior secured term loan facility of up to $250 million with ARS Pharmaceuticals, Inc. (ARS Pharma), including an initial $100 million investment.

The financing, which closed on September 29, 2025, illustrates RA Capital's commitment to providing flexible financing solutions across the entire capital stack. ARS Pharma intends to primarily use the financing to support the acceleration of commercial activity for neffy, the company's innovative nasal spray for the emergency treatment of Type 1 allergic reactions including anaphylaxis, an important product that provides a needle-free option for patients and their families.

"RA Capital has already supported ARS Pharma's development and early commercialization of neffy through equity investments and we are proud to help accelerate the adoption of such a transformative innovation," said Adam Kaye, Senior Managing Director and Partner, Structured Capital, at RA Capital. "With the recent launch of our Structured Capital strategy, RA Capital's financing capabilities now include flexible equity, debt, royalty, and hybrid solutions designed to meet the needs of innovative, best-in-class healthcare companies like ARS Pharma."

RA Capital's Structured Capital team integrates with the full RA Capital services stack – including TechAtlas, the firm's proprietary research division, and its scientifically trained team – to structure a comprehensive suite of creative financing solutions for commercial-stage companies across the pharmaceutical, biotech, medical products, healthcare services, research tools, and HCIT sub-sectors. The team is led by Jeremy Lack, PhD, and Adam Kaye, who joined RA Capital in 2024 from Athyrium Capital Management and Sixth Street, respectively, as Senior Managing Directors and Partners, Structured Capital.

"We are always striving to serve the capital needs of innovative life sciences, healthcare, and planetary health companies, and the addition of structured capital capabilities makes RA Capital the go-to capital provider for the emerging set of biopharmaceutical companies with the courage and wherewithal to embark on commercializing their own products," said Peter Kolchinsky, PhD, founder and managing partner at RA Capital. "Jeremy and Adam are highly accomplished industry veterans who have built a strong team with deep expertise to partner with leading healthcare companies to grow and enhance their commercial infrastructure, fund R&D expansion, and pursue acquisition opportunities, whether they're looking for equity, credit, or structured solutions."

"Together, Adam and I have shaped creative financing solutions for dozens of healthcare companies and the backing of RA Capital's platform presents a new level of opportunity," said Dr. Lack. "The firm's unparalleled network, market analytics, landscape assessments, and problem-solving support across the clinical, regulatory, and commercial spectrum means we can offer our portfolio companies so much more than just capital. We look forward to working closely with more exceptional companies like ARS Pharma to help them thrive and meet the needs of the patients they serve."

About OMERS Life Sciences and OMERS

OMERS Life Sciences provides royalty financings and other non-dilutive solutions to biopharma companies and academic institutions.

OMERS is a jointly sponsored, defined benefit pension plan, with more than 1,000 participating employers ranging from large cities to local agencies, and 640,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children's aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate.

About RA Capital Management

Founded in 2004, RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare, life sciences, and planetary health companies. RA Capital creates and funds innovative companies, from private seed rounds to public follow-on financings, allowing management teams to drive value creation from inception through commercialization and beyond. RA Capital's knowledge engine is guided by its dedicated internal research division; and Raven, RA Capital's healthcare incubator, offers entrepreneurs and innovators a collaborative and comprehensive platform to explore the novel and the re-imagined. RA Capital has more than 170 employees and over $10 billion in assets under management. Learn more at www.racap.com.

Contact:

Chris Morrison
RA Capital Management
cmorrison@racap.com

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SOURCE RA Capital Management, LP