If he is using that excuse, maybe there is some other psychological thing going on, but when people write it's their "best friend" it's usually them. If it is your best friend, for her own health, as he's done risky behaviour which is dangerous for her, she really needs to consider leaving, if he doesn't get serious mental help. Promiscuity does happen with other disorders, though not an excuse.
I think he is trying to manipulate your friend into staying with him. Depression or not, he shouldn't be cheating on her. I was involved with a pathological liar and cheater (didn't know it at the time). The best thing I ever did was leave him. He says he is getting help but he continues to spiral down a bad bad path. Your friend might not listen to you but I think it's best for her to get out of the situation. I think she'll just continue to be hurt especially if he has cheated in the past. If he really has depression he needs to concentrate on himself right now and get the help he needs. She doesn't have to stand by him, he will be fine. She can not save him or change him. Only he can do that for himself. Hope that helps.