Orchestra BioMed Inc., a biomedical company focused on driving technologies to patients through risk-reward-sharing partnerships, has combined with Health Sciences Acquisitions Corporation 2, a special purpose acquisition company (SPAC) sponsored by life sciences investment firm RTW Investments.

Orchestra BioMed’s business model focuses on forging collaborations with medical device companies to drive global commercialization of the products it develops. Gross proceeds from the business combination were $70 million including $20 million in market purchases of HSAC2 stock by an affiliate of Medtronic Plc and funds managed by RTW. The company looks to use the proceeds to support its execution of studies for BackBeat Cardiac Neuromodulation Therapy for the treatment of hypertension in cardiac pacemaker patients, and Virtue Sirolimus AngioInfusion Balloon in patients with coronary in-stent restenosis. Orchestra BioMed’s management team, led by chairman, chief executive officer and co-founder David Hochman, will lead the combined business.

With a strong balance sheet, a top-flight shareholder base, and world-class strategic collaborators, this transaction puts us in an excellent position to address the unmet needs of patients and physicians while seeking to generate differentiated growth for our stockholders,” says Hochman.

Jefferies LLC acted as financial advisor and a capital markets advisor to Orchestra BioMed. Piper Sandler & Co. acted as a capital markets advisor to Orchestra BioMed. Chardan and Barclays acted as financial and capital markets advisors to HSAC2. Chardan acted as M&A advisor to HSAC2. Paul Hastings LLP served as legal counsel for Orchestra BioMed. Loeb & Loeb LLP served as legal counsel for HSAC2. Latham & Watkins LLP served as legal counsel for Jefferies LLC, Piper Sandler & Co., Chardan and Barclays.