NEW YORK – BridgeBio Pharma on Monday announced that it has launched a $150 million public offering of common stock.
BridgeBio will also grant underwriters a 30-day option to purchase additional shares of its common stock valued at up to $22.5 million. Goldman Sachs, Evercore, and Morgan Stanley are bookrunning managers for the offering.
The offering is being made pursuant to a shelf registration filed with the Securities and Exchange Commission in July 2020.
BridgeBio, based in Palo Alto, California, said it may use the proceeds from the public offering for general corporate purposes, including R&D and clinical development of its drug candidates. The firm has several preclinical KRAS-targeted drugs in development and expects its most advanced product, BBO-8520, to enter the clinic this year.
The firm has inked licensing agreements for several of its clinical-stage oncology drugs. For example, in 2021, BridgeBio subsidiary QED Therapeutics announced an agreement to codevelop and commercialize the FGFR1-3 inhibitor Truseltiq (infigratinib) with Helsinn Group. In China, Hong Kong, and Macau, BridgeBio has partnered with LianBio to develop and market the drug.
Last year, BridgeBio also out-licensed its SHP2 inhibitor BBP-398 to Bristol Myers Squibb, giving BMS exclusive rights to develop and commercialize the agent. LianBio holds rights to develop and market BBP-398 in mainland China and other Asian markets. In the deal, BridgeBio retained control over ongoing Phase I trials of the drug. In one such study, BridgeBio and Amgen are evaluating BBP-398 with Lumakras (sotorasib) in advanced solid tumors driven by the KRAS G12C mutation.