Orchestra BioMed and Terumo Terminate Distribution Deal
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 and invest an additional $20 million through non-voting preferred stock.
The companies expect the transactions to close no later than November.
Author's summary: Orchestra BioMed and Terumo terminate deal.