Orchestra BioMed and Terumo Terminate Distribution Deal
Orchestra BioMed (Nasdaq:OBIO) has entered into a termination and right of first refusal agreement with Terumo, relating to the Virtue Sirolimus AngioInfusion Balloon (SAB).
The agreement supersedes and terminates a prior distribution agreement between the companies, granting Terumo a right of first refusal to acquire the rights or enter a distribution agreement for Virtue SAB in treating coronary artery disease (CAD).
- Terumo will pay Orchestra $10 million upfront for the right of first refusal.
- Terumo will invest an additional $20 million in Orchestra BioMed through non-voting preferred stock.
The companies expect the transactions to close no later than November.
The agreement includes a $30 million non-refundable payment and $5 million common stock investment made by Terumo under the prior agreement.
Author's summary: Orchestra BioMed and Terumo terminate distribution deal.
More News
- Jonathan Bailey is the first gay man to be named People's Sexiest Man Alive - LGBTQ Nation
- Palantir CEO claims company is first to be 'completely anti-woke,' backs Trump admin's bombing of drug boats
- Toronto Tempo Wins the Sandy Brondello Sweepstakes
- "Moore keeps redistricting push alive in Maryland amid national map fights" #ELB
- Canada's immigration system is lost in the bushes
- Top 60 Senior Living Facility Construction Firms for 2025
- The Home Depot Names Growscape Its 2025 Outdoor Garden Partner of the Year
- Jets have reportedly made final decision on Garrett Wilson after Breece Hall’s trade request
- PSG v Bayern Munich team news: Confirmed line-ups as holders face huge early test
- ABS and Siemens DISW in MOU on digitalization in shipbuilding