Orchestra BioMed Holdings Inc. has announced a new infusion of $70 million in strategic capital from Ligand Pharmaceuticals and Medtronic to support its advanced cardiology programs. Under the agreement, Ligand will invest $35 million, receiving a tiered royalty on future sales of Orchestra's AVIM therapy and Virtue SAB, alongside an additional $5 million equity stake. Medtronic, in turn, will invest $10 million in equity and an additional $20 million in a promissory note convertible to prepaid revenue share, contingent on FDA approval of AVIM therapy. The collaboration will also focus on developing AVIM therapy-enabled leadless pacemakers, marking a significant step forward in Orchestra BioMed's efforts to bring innovative cardiovascular solutions to market.
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