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Paul Hastings Advises Orchestra BioMed in Merger with Health Sciences Acquisitions Corporation 2, Strategic Collaboration and Closing of Series D Financing

July 05, 2022

New York – Paul Hastings LLP, a leading global law firm, announced today that the firm advised Orchestra BioMed, a biomedical company accelerating high-impact technologies to patients through risk-reward sharing partnerships, in its business combination agreement to merge with Health Sciences Acquisitions Corporation 2 (HSAC2), a special purpose acquisition company (SPAC). The combined company is expected to have a fully diluted pro forma market cap of up to $407 million, assuming no redemptions. Upon closing of the transaction, the combined company will be named Orchestra BioMed Holdings, Inc., and its common stock will be listed on Nasdaq under the ticker symbol “OBIO.”

Orchestra BioMed also announced a strategic collaboration with Medtronic to develop Orchestra BioMed’s BackBeat Cardiac Neuromodulation Therapy™ (CNT™) as a potential treatment for hypertension in patients who are indicated for a cardiac pacemaker, as well as the closing of Orchestra BioMed’s $110 million Series D financing. The Series D financing includes investments by Medtronic, funds managed by RTW Investments, Perceptive Advisors, Terumo Corporation, SternAegis Ventures, and other investors.

The business combination agreement is expected to close by the fourth quarter of 2022, subject to the approval of HSAC2 and Orchestra BioMed’s stockholders and the satisfaction or waiver of certain other customary closing conditions.

The Paul Hastings team was led by M&A/Emerging Growth Companies partner Sam Waxman, and included partners Yariv Katz, Lucas Rachuba, and Todd Schneider; of counsels Keith Pisani and Amy Lawrence; and associates Jordan Goldman, Vinnie Buehler, Anna Hardcastle, Tianzi Wu, Nicolette Ursini and Shai Marshall.

About Paul Hastings

Dedicated to providing intellectual capital and superior execution to the world’s leading Wall Street and global investment banks, asset managers and corporations achieve their business and legal goals, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity, and litigation. We are one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets, and real estate finance.

Paul Hastings is ranked as one of the top firms in the world in The American Lawyer’s “Premier League” for momentum, profit and prestige amongst firms in the 2022 American Lawyer 100.

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