BridgeBio Raises $250 Million in a Private Placement Equity Financing
September 25, 2023
Rare Daily Staff
BridgeBio Pharma, a commercial-stage company focused on genetic diseases and cancers, raised $250 million in a private investment in public equity.
The company entered into a securities purchase agreement with certain existing and new accredited investors to issue and sell 9.2 million shares of its common stock at $27.27 per share, which was its closing price before the announcement. Gross proceeds from the PIPE financing are expected to be approximately $250 million, before deducting offering expenses. The PIPE financing is anticipated to close on September 27, 2023, subject to customary closing conditions.
Qatar Investment Authority (QIA) led the PIPE financing, with significant participation from four of the largest investment management firms in the United States, as well as a number of large institutional investors and existing investors.
“Their support will help us fund our future operations, including the launch of acoramidis and our upcoming phase 3 readouts in achondroplasia, LGMD2I, and ADH1, and will allow us to pursue additional less dilutive financing options to optimize our cost of capital,” said Neil Kumar, founder and CEO of BridgeBio.
BridgeBio completed this targeted and strategic raise in order to provide an entry for new long-term shareholders, as it also continues to explore additional strategic options to fund the business. The company anticipates the financing, coupled with several less dilutive financings available to the company, will fully capitalizes it to profitability.
Photo: Neil Kumar, founder and CEO of BridgeBio
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