Orchestra BioMed receives $15M payment from Ligand

Orchestra BioMed (OBIO) announced the receipt of a $15M payment from Ligand (LGND) pursuant to the previously disclosed revenue participation right purchase and sale agreement. The payment completes a scheduled tranche under the agreement and reflects Ligand’s continued strategic capital support of Orchestra BioMed’s late-stage cardiovascular programs, AVIM Therapy and Virtue SAB, which are both being evaluated in ongoing randomized, controlled pivotal trials. The $15M investment follows an initial $20M investment received at closing of the initial tranche under the royalty purchase agreement on August 4, 2025 and completes Ligand’s $35M royalty financing commitment under the royalty purchase agreement. As previously announced, Ligand also purchased an additional $5M of Orchestra BioMed common stock in an equity private placement in August 2025. This payment, together with a $20M investment from Medtronic announced separately, represents a total of $35M in fresh strategic capital received by Orchestra BioMed on May 1 under previously disclosed agreements.