BridgeBio Raises $250 Million in Public Offering

Rare Daily Staff

BridgeBio Pharma raised $250 million in an underwritten public offering of 8.6 million shares of its common stock at a public offering price of $29.00 per share, before deducting underwriting discounts and commissions.

In addition, BridgeBio has 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 offering comes just two days after BridgeBio licensed European rights to its ATTR-CM investigational therapeutic Acoramidis to Bayer for $310 million in upfront and near-term milestone payments, as well as additional undisclosed sales milestones. BridgeBio will also receive royalties in a tiered structure beginning in the low-thirties percent on sales of acoramidis in Europe.

Acoramidis is an investigational, next-generation, orally-administered, highly potent small molecule stabilizer of transthyretin. BridgeBio has submitted acoramidis for approval in ATTR-CM to both U.S. and EU regulators with decisions expected in November in the U.S. and 2025 in the EU.

Transthyretin amyloidosis (ATTR) is an underdiagnosed and life-threatening disease with limited treatment options that can devastate the heart and nervous system. When the transthyretin (TTR) becomes unstable due to inherited variants or aging, it can accumulate as amyloid fibrils in various organs in the body, causing ATTR. TTR amyloid deposits predominantly in the heart and/or peripheral nerves cause cardiomyopathy (ATTR-CM) and/or polyneuropathy (ATTR-PN). If left untreated, life expectancy from diagnosis is approximately four years.

In mid-January, BridgeBio also entered into a strategic financing agreement for up to $1.25 billion from Blue Owl Capital and Canada Pension Plan Investment Board to support the anticipated launch of acoramidis. The deal includes $500 million in cash upon approval of acoramidis in exchange for a 5 percent royalty on future global net sales, a $450 million credit facility from Blue Owl to refinance senior secured debt, and up to $300 million of credit to advance BridgeBio’s pipeline.