Haemonetics' Vivasure Acquisition: A $21M Catalyst for Orchestra BioMed

The immediate financial impact is clear. Orchestra BioMed is set to receive a significant cash infusion from the sale of its strategic holding, Vivasure, to Haemonetics. The deal, which closed on January 9, 2026, is expected to deliver up to $21 million in total cash proceeds. This is a tangible realization of value for the company.

The near-term picture is more concrete than the long-term. Of that total, $11 million is expected to be received during 2026. This amount breaks down into a $5 million upfront payment and a $6 million first milestone payment. For a company focused on advancing its own pipeline, this is a meaningful near-term cash flow event that provides financial flexibility.

The remaining proceeds, however, introduce a layer of uncertainty. The bulk of the potential $21 million is tied to future revenue earnouts based on the achievement of certain milestones. This structure means the final payout is contingent on Vivasure's commercial performance under Haemonetics' ownership. While it reflects confidence in the technology's potential, it also means those funds are not guaranteed in the near term.

Strategically, this transaction validates Orchestra BioMed's partnership model. Vivasure was a strategic holding since the Company's formation, and the sale to a major player like Haemonetics underscores the value of its long-term, risk-reward sharing approach. The company has now monetized a key asset, using the proceeds to potentially fund its other high-impact programs.

The Strategic Rationale: Why Haemonetics Bought Vivasure

Haemonetics' move to acquire Vivasure is a clear play to dominate the large-bore vessel closure market. The company aims to enhance its large-bore closure market impact by adding Vivasure's proprietary technology to its portfolio. The PerQseal Elite system offers a sutureless, fully absorbable solution for sealing large access sites, a key differentiator in a field where simplicity and patient recovery matter.

The regulatory status of PerQseal Elite is a critical piece of this strategy. The system received CE Mark approval in Europe for both arterial and venous indications in 2025, giving Haemonetics immediate commercial footing in a major market. More importantly, Vivasure submitted a Premarket Approval (PMA) application to the U.S. FDA for its PerQseal Elite vascular closure system for arterial procedures earlier in 2025. This PMA submission represents the primary regulatory catalyst for U.S. market entry, a pathway that could unlock significant future revenue.

<

Viewed another way, Haemonetics is acquiring a product that is already validated in Europe and has a clear, high-stakes regulatory path ahead. The CE Mark approval de-risks the technology's clinical profile, while the FDA PMA submission sets the stage for a major U.S. launch. This dual-track progress makes Vivasure a strategic asset, not just a financial one.

Orchestra BioMed's Broader Strategy: A Biomedical Innovation Company

The Vivasure sale is a textbook example of Orchestra BioMed's operating model in action. The company has built its strategy around being a biomedical innovation company accelerating high-impact technologies to patients through risk-reward sharing partnerships. Vivasure itself was a strategic holding from the start, a direct application of that philosophy. By providing early-stage capital and strategic guidance, Orchestra helped build the PerQseal technology from concept, a partnership that has now delivered a significant liquidity event.

This exit isn't just a one-off windfall; it's a mechanism to fuel the company's own pipeline. The cash infusion, particularly the $11 million expected to be received during 2026, provides crucial resources to advance its two flagship programs. The company's core focus remains on its SAB therapy, which has already earned Breakthrough Device Designation from the FDA for multiple indications. Funding from this sale could directly support the pivotal trials needed to bring that therapy to market.

More broadly, the transaction validates the company's entire innovation-focused strategy. By acting as a partner to early-stage ventures like Vivasure, Orchestra BioMed creates a portfolio of high-potential assets. The sale of Vivasure demonstrates that this model can generate tangible returns, providing a source of capital to reinvest in its other pipeline candidates. It turns early-stage risk into a financial engine for its own growth.

Catalysts and Risks: The Path to Realizing the $21M

The immediate path to the full $21 million is now set, but it hinges on a series of future events. The first concrete catalyst is the first milestone payment of $6 million, which is expected to be received during 2026. This payment, combined with the $5 million upfront, delivers the core $11 million cash flow this year. Investors should watch for official confirmation of this disbursement as a sign the deal is moving smoothly.

Beyond that, the real test comes from the contingent earnouts. The remaining proceeds are tied to future revenue milestones, meaning the company's ultimate payout depends on Vivasure's commercial success under Haemonetics. The primary risk is that these earnouts fail to materialize. If Vivasure's sales growth stalls or misses its targets, the total proceeds could fall well short of the $21 million expectation. This creates a classic binary outcome: the company gets a strong cash infusion, or it gets a much smaller one.

On the flip side, there is a potential positive catalyst in how Orchestra BioMed deploys this capital. The infusion of up to $11 million this year provides a tangible boost to its own pipeline. The company's two flagship programs, AVIM Therapy and Virtue SAB, are in pivotal trials and have Breakthrough Device Designation. The cash could accelerate clinical or regulatory progress, potentially shortening the path to market for these high-value assets. Monitoring for any announcements of accelerated trial timelines or expanded funding for these programs would be a key positive signal.

The bottom line is that the Vivasure sale creates a clear near-term cash catalyst, but the total value realization is now a bet on Haemonetics' execution. The $6 million milestone payment is the first step, but the rest of the $21 million is a future promise tied to Vivasure's performance. For Orchestra BioMed, the strategic risk is that the earnouts don't pay off, while the opportunity is that the cash accelerates its own high-impact pipeline.