Orchestra BioMed to merge with SPAC Health Sciences, collaborate with Medtronic

Business acronym SPAC - Special Purpose Acquisition Company. 3D Render

Evgeny Gromov/iStock via Getty Images

Cardiac device maker Orchestra BioMed (OBIO) plans to go public through a merger with SPAC Health Science Acquisitions Corp. 2 (NASDAQ:HSAQ) that pegs the combined company with a pro forma enterprise value of $158M.

Orchestra also said it has raised $110M through a Series D fundraising round and entered into a partnership with Medtronic (MDT) for one its lead products.

The Series D fundraising round was led by RTW Investments and Perceptive Advisors and joined by Medtronic and Terumo. The private equity financing along with the merger are expected to raise gross proceeds of at least $180M, which should be sufficient to fund the combined company into 2026, Orchestra said.

After the closing, the combined company expects to list its shares on Nasdaq under the symbol OBIO.

Orchestra also announced a collaboration with cardiac medtech giant Medtronic to develop its BackBeat Cardiac Neuromodulation Therapy as a treatment for hypertension in patients with cardiac pacemakers.

For more SPAC news, check out SA’s SPAC News page.


This website uses cookies. By continuing to use this site, you accept our use of cookies.