NEW YORK – BridgeBio Pharma on Thursday said its newly launched precision oncology-focused spinoff, BridgeBio Oncology Therapeutics, has completed a $200 million financing round.
The oversubscribed funding round was led by Cormorant Asset Management and Omega Funds with participation from affiliates of Deerfield Management, Google Ventures, EcoR1 Capital, Wellington Management, Enavate Sciences, Surveyor Capital, Aisling Capital, Casdin Capital, and Longwood Fund.
BridgeBio Oncology Therapeutics will launch with three programs: KRAS G12C inhibitor BBO-8520, PI3Kα and RAS inhibitor BBO-10203, and pan-KRAS inhibitor BBO-11818. BridgeBio had already begun a Phase I study of BBO-8520 as a monotherapy or in combination with Merck's Keytruda (pembrolizumab) in patients with KRAS G12C-mutant advanced non-small cell lung cancer. The firm expects to file investigational new drug applications for BBO-10203 in Q2 2024 and for BBO-11818 in early 2025. The financing will allow the company to achieve these clinical milestones over the next two years.
The spinoff company will also continue drug discovery research focused on targeting additional oncogenic drivers within the RAS and PI3K pathways. BridgeBio Oncology Therapeutics will be led by CEO Eli Wallace, who was previously chief scientific officer in residence for oncology at BridgeBio, and by Pedro Beltran as CSO, who was previously head of biology for oncology therapeutics at BridgeBio.
BridgeBio's oncology pipeline also includes two partnered programs — FGFR1-3 inhibitor Truseltiq (infigratinib), out-licensed to Helsinn Group and LianBio, and SHP2 inhibitor BBP-398, which was licensed by Bristol Myers Squibb last year — and its GPX4 inhibitor BBP-954. The firm also has pipeline programs for cardiorenal diseases and genetic diseases, along with gene therapies.