The funding includes $500 million in cash from Blue Owl and CPP Investments in exchange for a 5% royalty on future global net sales of acoramidis to treat transthyretin amyloid cardiomyopathy.
Pictured: $100 bills strewn on the floor/iStock, Ihor Lukianenko
BridgeBio is getting a major financial shot in the arm as it prepares to potentially take one of its products to market. On Thursday, the biotech announced that it secured funding from Blue Owl Capital and the Canada Pension Plan Investment Board via its subsidiary CPPIB Credit Investment, bringing BridgeBio’s capital to a total of $1.25 billion.
The financing comes as the company anticipates the launch of its drug acoramidis to treat transthyretin amyloid cardiomyopathy (ATTR-CM). If the drug is approved by the FDA, it will compete with Pfizer’s Vynamax and Vyndaquel—the only ATTR-CM drugs currently available.
“Our newly strengthened balance sheet will enable us to serve ATTR-CM patients with a well-resourced launch of acoramidis, as well as patients with genetic diseases more broadly with multiple Phase II readouts for blockbuster indications anticipated over the next few years,” BridgeBio CFO Brian Stephenson saidin a statement.
The deal with Blue Owl and CPPIB Credit includes a $500 million cash payment—$300 million from Blue Owl and $200 million from CPPIB—to BridgeBio should the FDA approve acoramidis, in exchange for royalties of 5% on net sales globally for the drug. The royalty payments are capped at 1.9 times the invested capital.
Additional funds of up to $300 million can be provided at BridgeBio and Blue Owl’s mutual consent to “support strategic corporate development activities.”
Sandip Agarwala, managing director at Blue Owl Capital, said in a statement that acoramidis “has demonstrated an impressive and differentiated clinical profile, and we believe it will be an important advancement in treating ATTR-CM.”
In August 2023, BridgeBio presented its Phase III ATTRibute-CM study results showing the drug reaching its primary endpoint and delivering improvements in ATTR-CM patients. The endpoint, a combination of all-cause mortality, frequency of cardiovascular-related hospitalizations, six-minute walk distance performance, and changes from the baseline in NT-proBNP levels, had a win ratio of 1.8 with a p-value of p<0.0001.
Tyler Patchen is a staff writer at BioSpace. You can reach him at tyler.patchen@biospace.com. Follow him on LinkedIn.
