NEW YORK – BridgeBio Pharma on Monday said it will raise $250 million through a private investment in public equity (PIPE) financing through an agreement with existing and new investors.
Qatar Investment Authority led the financing, while four of the largest investment management firms in the US and several other large institutional investors participated, according to BridgeBio. The Palo Alto, California-based company said the financing provides an entry for new long-term shareholders as it continues to explore other avenues to fund the business.
In the financing, BridgeBio has agreed to sell 9,167,723 shares of common stock at the Sept. 22 closing price of $27.27 per share. The financing is expected to close on Sept. 27.
TD Cowen, Mizuho, and KKR Capital Markets are joint placement agents for the financing.
The company said the funds will support the launch of its investigational drug acoramidis for transthyretin amyloidosis and ongoing Phase III trials in achondroplasia, limb-girdle muscular dystrophy type 2I, and autosomal dominant hypocalcemia type 1.
Much of BridgeBio's current revenues are derived from license fees and services it provides under a 2022 agreement with Bristol Myers Squibb for its SHP2 inhibitor BBP-398, which is under development in MAPK- and RAS-driven cancers. That deal is worth up to $905 million.
Among its other oncology programs, BridgeBio said last month that it plans to file investigational new drug applications with the US Food and Drug Administration to begin trials of KRASG12C inhibitor BBO-8520 this year and its PI3Kα:RAS breaker candidate in 2024.