BridgeBio Raises $150 Million in Public Offering on Heels of Positive Data from Achondroplasia Trial
March 9, 2023
Rare Daily Staff
BridgeBio Pharma wasted no time raising money after reporting positive results from a phase 2 trial of the investigational therapy infigratinib in children with achondroplasia that demonstrated potential best-in-class efficacy and a clean safety profile.
The biotech priced an underwritten public offering of 8.8 million shares of its common stock at a public offering price of $17.00 per share. BridgeBio also granted the underwriters a 30-day option to purchase up to an additional 1.3 million shares of its common stock on the same terms and conditions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $150 million, excluding any exercise of the underwriters’ option to purchase additional shares.
Achondroplasia is a rare inherited condition that causes disproportionate short stature and impacts overall health and quality of life, leading to medical complications such as obstructive sleep apnea, middle ear dysfunction, kyphosis, and spinal stenosis. The condition is uniformly caused by an activating mutation in FGFR3.
Results from the mid-stage study in the highest dose cohort of 10 children with achondroplasia showed infigratinib, an oral small molecule designed to inhibit FGFR3, increased the pace of growth by about 3 centimeters per year from baseline, with mean increase from baseline in annualized height velocity for the 10 children that have had six-month visits +3.03 cm/yr.
This growth rare is almost twice as much as the average growth rate of 1.57 cm/yr achieved in BioMarin Pharmaceuticals’ pivotal study of Voxzogo, which won approval in 2021.
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