BridgeBio Pharma Announces $250 Mln PIPE Financing

(RTTNews) - BridgeBio Pharma, Inc. (BBIO), a company focused on genetic diseases and cancers, said on Friday that it has inked a deal with certain investors to issue and sell its 9.167 million shares at September 22 closing price of $27.27 per share through a private investment in public equity or PIPE financing.

Neil Kumar, CEO of BridgeBio, said: "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…"

The drug maker expects gross proceeds of around $250 million from the transaction, which is scheduled to conclude on September 27.

The PIPE financing was led by Qatar Investment Authority, with the participation of investment management firms, institutional investors, and existing investors.

BridgeBio noted that it also continues to explore additional strategic options to fund the business.