Orchestra BioMed and Terumo Terminate Distribution Agreement
Orchestra BioMed (Nasdaq:OBIO) announced the termination of its distribution agreement with Terumo regarding the Virtue Sirolimus AngioInfusion Balloon (SAB).
The new agreement grants Terumo a right of first refusal (ROFR) 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 ROFR.
- Terumo will invest an additional $20 million in Orchestra BioMed through non-voting preferred stock.
- Terumo previously made a $30 million non-refundable payment and $5 million common stock investment in Orchestra.
The companies expect the transactions to close no later than November.
Author's summary: Orchestra BioMed terminates distribution deal with Terumo.
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