Orchestra BioMed and Terumo End Distribution Deal
Orchestra BioMed (Nasdaq:OBIO) has entered into a termination and right of first refusal agreement with Terumo, regarding its Virtue Sirolimus AngioInfusion Balloon (SAB).
The agreement supersedes and terminates the 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.
Author's summary: Orchestra BioMed and Terumo terminate distribution deal.
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