Orchestra BioMed Secures $30 Million Strategic Agreement With Terumo for Virtue SAB Rights
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Orchestra BioMed Holdings Inc. has entered into a $30 million strategic agreement with Terumo Corporation for the Virtue Sirolimus AngioInfusion Balloon (SAB) aimed at treating coronary artery disease. The deal includes a $10 million upfront payment and a $20 million investment in non-voting preferred stock. Terumo gains a right of first refusal for the global coronary indication of Virtue SAB, while Orchestra BioMed retains all development and distribution rights. The right of first refusal will last until 90 days after the primary endpoint data from the Virtue Trial is disclosed.
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