Orchestra BioMed and Terumo Terminate Distribution Agreement
Orchestra BioMed (Nasdaq:OBIO) announced a termination and right of first refusal agreement with Terumo regarding the Virtue Sirolimus AngioInfusion Balloon (SAB).
- The agreement supersedes and terminates a prior distribution agreement between the companies.
- Terumo gains 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.
- A securities purchase agreement was also entered, with Terumo investing 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 under the prior agreement.
The transactions are expected to close no later than November.
Author's summary: Orchestra BioMed and Terumo terminate distribution deal.
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