NEW HOPE, Pa. — May 06, 2026 — Leads & Copy —
Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO) announced it received a $15 million payment from Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) as part of their Revenue Participation Right Purchase and Sale Agreement.
The payment, which fulfills a previously scheduled tranche, brings the total capital received from Ligand to $40 million. This is in exchange for a tiered royalty interest in Orchestra BioMed’s future revenue, as well as equity.
According to Orchestra BioMed, the funding will support the continued execution of pivotal trials for its Atrioventricular Interval Modulation Therapy (“AVIM Therapy”) and Virtue Sirolimus AngioInfusion Balloon (“Virtue SAB”).
The company reports this payment, along with a separate $20 million investment from Medtronic (NYSE: MDT), totals $35 million in strategic capital received on May 1, 2026, under previously disclosed agreements.
Ligand’s CEO, Todd Davis, said the company is pleased to complete this second tranche investment as Orchestra BioMed continues to advance pivotal trials for its two cardiovascular therapies, AVIM Therapy and Virtue SAB. He added that both therapies have the potential to improve outcomes for patients with unmet medical needs. Davis also said Orchestra has made strong progress since Ligand’s initial investment, including continued acceleration of the BACKBEAT Trial enrollment, partnership realignment with Terumo, and the initiation of patient enrollment in the Virtue Trial.
David Hochman, Chairman and CEO of Orchestra BioMed, stated that the strategic capital partnership with Ligand was designed to align funding with execution. He noted that the receipt of the additional tranche reflects continued and timely progress against that plan. Hochman believes Orchestra BioMed’s programs can contribute meaningfully to Ligand’s continued royalty growth in the coming years.
The $15 million investment follows an initial $20 million investment received on August 4, 2025, and completes Ligand’s $35 million royalty financing commitment. Ligand also purchased an additional $5 million of Orchestra BioMed common stock in an equity private placement in August 2025.
Orchestra BioMed is a biomedical innovation company focused on accelerating high-impact technologies through partnerships with medical device companies. Its two product candidates, AVIM Therapy and Virtue SAB, are undergoing pivotal clinical trials. AVIM Therapy is a bioelectronic treatment for hypertension being developed in collaboration with Medtronic. Virtue SAB is a drug delivery angioplasty balloon system for the treatment of atherosclerotic artery disease.
Ligand is a royalty aggregator that partners with biopharmaceutical companies to finance and advance late-stage clinical development programs. It owns a diversified portfolio of biopharmaceutical royalties and licenses proprietary technologies.
AVIM Therapy is being evaluated in the BACKBEAT global pivotal study for lowering blood pressure in patients indicated for a dual-chamber cardiac pacemaker.
Virtue SAB demonstrated positive three-year clinical data in coronary ISR in the SABRE study and has been granted Breakthrough Device Designation by the FDA for specific indications.
SirolimusEFR™ is a proprietary extended-release formulation of sirolimus delivered by Virtue SAB.
Source: Orchestra BioMed
