Orchestra BioMed cues up Medtronic partnership, $400M SPAC deal

In a three-in-one announcement Tuesday, the Pennsylvania-based startup unveiled a new partnership with Medtronic, the close of its latest funding round and—backed in part by the proceeds from that financing—plans to go public through a SPAC merger.

“These significant transactions further validate the potential of Orchestra BioMed’s flagship development programs and our novel partnership-enabled business model,” said David Hochman, the company’s chairman, CEO and co-founder. “The capital proceeds from our series D financing and planned business combination provide Orchestra BioMed with a substantial financial runway and position us to achieve major milestones.”