---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-037955"
form_type: "8-K"
ticker: "INSM"
cik: "0001104506"
company_name: "INSMED Inc"
filed_at: "2022-10-20T23:59:59+00:00"
generated_at: "2026-06-23T02:10:48.526377+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Insmed raises $775M via term loan, royalty deal, and equity offering to fund pipeline

## Summary
- $350M senior secured term loan from Pharmakon Advisors, maturing Oct 2027, at SOFR+7.75% (floor 2.5%).
- $150M synthetic royalty deal with OrbiMed: 4-4.5% of ARIKAYCE sales + 0.75% of brensocatib sales, capped at 1.8-1.9x.
- $275M equity offering: 13.75M shares at $20.00; closing expected Oct 21, 2022.
- Pro forma cash and marketable securities ~$1.3B; proceeds to fund ARIKAYCE commercial launch, brensocatib readiness, and R&D.
- Term loan and royalty financing closed Oct 19, 2022; equity underwriting with J.P. Morgan and SVB Securities.

## SEC filing metadata
- accession: 0001140361-22-037955
- form_type: 8-K
- ticker: INSM
- cik: 0001104506
- company_name: INSMED Inc
- filed_at: 2022-10-20T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1104506/000114036122037955/0001140361-22-037955-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1104506/000114036122037955/ny20005570x4_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-037955
- JSON: https://secwatch.observer/filing/0001140361-22-037955.json
- Plain text: https://secwatch.observer/filing/0001140361-22-037955.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.