BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a
commercial-stage biopharmaceutical company focused on genetic
diseases and cancers, today announced strategic financing from Blue
Owl Capital (Blue Owl) and Canada Pension Plan Investment Board
(CPP Investments), through a wholly owned subsidiary (CPPIB Credit)
of CPPIB Credit Investments Inc., bringing in capital of up to
$1.25 billion.
With these transactions, BridgeBio obtains financing from
experienced healthcare investors who share the Company’s confidence
in the anticipated launch of acoramidis as the potential backbone
of therapy for transthyretin amyloid cardiomyopathy (ATTR-CM).
“We are excited to be working with a distinguished group of life
sciences investors who are aligned with our view of acoramidis’
blockbuster market opportunity,” said Brian Stephenson, Ph.D., CFA,
Chief Financial Officer of BridgeBio. “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 3 readouts for
blockbuster indications anticipated over the next few years. Our
increasing patient impact should allow us to diversify drivers of
top line revenue in the near term and enable reinvestment into
R&D paired with opportunistic business development.”
The overall collaboration includes the following key
features:
- A royalty agreement with Blue Owl and
CPPIB Credit:
- $500 million cash payment upon FDA
approval of acoramidis to help support the Company’s commercial
launch in exchange for future royalties of 5% of worldwide net
sales of acoramidis, both of which are subject to various
conditions. This consists of $300 million from Blue Owl and $200
million from CPPIB Credit
- Total royalty payments are capped at
1.9 times the invested capital, and the royalty agreement includes
investment features (such as change of control provisions that
apply prior to FDA approval) intended to provide broad strategic
flexibility for BridgeBio going forward
- A refinancing with Blue Owl of
BridgeBio’s existing senior credit facility:
- $450 million of committed capital
funded at close to refinance BridgeBio’s existing senior credit
facility, extending maturity from 2026 to 2029 and providing the
Company with considerable operational flexibility
- An additional tranche of up to $300
million, funded at the Company and Blue Owl’s mutual consent to
support strategic corporate development activities
“Blue Owl is well-positioned to provide bespoke and scaled
financing solutions to the most consequential companies in the life
sciences sector,” said Sandip Agarwala, Managing Director at Blue
Owl Capital. “Acoramidis has demonstrated an impressive and
differentiated clinical profile, and we believe it will be an
important advancement in the treatment of ATTR-CM.
Further, BridgeBio’s promising pipeline of late-stage targeted rare
disease therapies address critical unmet needs in these underserved
populations. We are pleased to support BridgeBio in its mission of
bringing breakthrough medicines to patients.”
“This investment in BridgeBio represents an opportunity to
provide structured capital solutions to an innovative company in
the healthcare space and leverage CPP Investments’ deep
capabilities in life sciences,” said David Colla, Managing Director
and Head of Capital Solutions, CPP Investments. “Investments in
leading therapies also help to diversify our capital allocations to
income streams that are typically uncorrelated to the broader
capital markets.”
Morgan Stanley & Co. LLC acted as sole structuring agent on
the transactions. Latham & Watkins served as legal advisor to
BridgeBio and Cooley LLP advised Blue Owl.
About BridgeBio Pharma, Inc.BridgeBio Pharma,
Inc. (BridgeBio) is a commercial-stage biopharmaceutical company
founded to discover, create, test, and deliver transformative
medicines to treat patients who suffer from genetic diseases and
cancers with clear genetic drivers. BridgeBio’s pipeline of
development programs ranges from early science to advanced clinical
trials. BridgeBio was founded in 2015 and its team of experienced
drug discoverers, developers and innovators are committed to
applying advances in genetic medicine to help patients as quickly
as possible.
About Blue Owl CapitalBlue Owl (NYSE: OWL) is a
leading asset manager that is redefining alternatives. With $157
billion in assets under management1, we invest across three
multi-strategy platforms: Credit, GP Strategic Capital, and Real
Estate. Anchored by a strong permanent capital base, we provide
businesses with private capital solutions to drive long-term growth
and offer institutional and individual investors differentiated
alternative investment opportunities that aim to deliver strong
performance, risk-adjusted returns, and capital preservation.
Together with over 650 experienced professionals in more than 10
offices globally, Blue Owl brings the vision and discipline to
create the exceptional. To learn more, visit www.blueowl.com.
1 As of September 30, 2023
About CPP Investments Canada Pension Plan
Investment Board (CPP Investments™) is a professional investment
management organization that manages the Fund in the best interest
of the more than 21 million contributors and beneficiaries of the
Canada Pension Plan. In order to build diversified portfolios of
assets, investments are made around the world in public equities,
private equities, real estate, infrastructure and fixed income.
Headquartered in Toronto, with offices in Hong Kong, London,
Luxembourg, Mumbai, New York City, San Francisco, São Paulo and
Sydney, CPP Investments is governed and managed independently of
the Canada Pension Plan and at arm’s length from governments. At
September 30, 2023, the Fund totalled C$576 billion. For more
information, please visit www.cppinvestments.com or
follow us on LinkedIn, Facebook or Twitter.
BridgeBio Pharma, Inc. Forward-Looking
Statements
This press release contains forward-looking statements.
Statements in this press release may include statements that are
not historical facts and are considered forward-looking within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the Securities Act), and Section 21E of the Securities Exchange
Act of 1934, as amended (the Exchange Act), which are usually
identified by the use of words such as “anticipates,” “believes,”
“hopes,” “estimates,” “expects,” “intends,” “may,” “plans,”
“projects,” “seeks,” “should,” “continue,” “will,” and variations
of such words or similar expressions. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act and Section 21E of the Exchange Act. These
forward-looking statements, including statements regarding plans,
strategies, timelines and expectations for the
Company’s drug candidates, including timelines for marketing
applications and approvals, the initiation of clinical trials and
trial designs, or the results of ongoing and planned clinical
trials, the statement regarding the anticipated launch of
acoramidis as the potential backbone of therapy for transthyretin
amyloid cardiomyopathy (ATTR-CM); the Company’s expectations
regarding its strategic financing from Blue Owl and CPP
Investments; the benefits resulting from such financing, including
the potential strategic pipeline expansion and acceleration of its
commercial products, the potential commercial launch of acoramidis
(if approved), the development of commercial products, the
Company’s potential pipeline, and the Company’s revenue, R&D
and business development activities, the potential benefits of any
of the Company’s drug candidates in treating patients,
including those statements in the quotes of Dr. Stephenson, Mr.
Agarwala and Mr. Colla; the Company’s financial performance,
capitalization status, strategy, goals, business plans and focus
reflect our current views about our plans, intentions, expectations
and strategies, which are based on the information currently
available to us and on assumptions we have made. Although we
believe that our plans, intentions, expectations, and strategies as
reflected in or suggested by those forward-looking statements are
reasonable, we can give no assurance that the plans, intentions,
expectations, or strategies will be attained or achieved.
Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by
a number of risks, uncertainties and assumptions, including, but
not limited to, initial and ongoing data from our clinical trials
not being indicative of final data, the design and success of
ongoing and planned clinical trials, difficulties with enrollment
in our clinical trials, adverse events that may be encountered in
our clinical trials, the FDA or other regulatory agencies not
agreeing with our regulatory approval strategies, components of our
filings, such as clinical trial designs, conduct and methodologies,
or the sufficiency of data submitted, the inability to meet certain
terms and conditions to draw down funds under our credit facility,
the inability to meet certain terms and conditions of the royalty
agreement, potential adverse impacts due to the global COVID-19
pandemic such as delays in regulatory review, manufacturing and
supply chain interruptions, adverse effects on healthcare systems
and disruption of the global economy, the impacts of current
macroeconomic and geopolitical events, including changing
conditions from the COVID-19 pandemic, hostilities in the Middle
East and Ukraine, increasing rates of inflation and rising interest
rates, on our overall business operations and expectations, as well
as those risks set forth in the Risk Factors section of our Annual
Report on Form 10-K for the year ended December 31, 2022 and our
other filings with the U.S. Securities and Exchange Commission.
Moreover, we operate in a very competitive and rapidly changing
environment in which new risks emerge from time to time. These
forward-looking statements are based upon the current expectations
and beliefs of our management as of the date of this press release
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Except as required by applicable law,
we assume no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
BridgeBio Contact:Vikram
Balicontact@bridgebio.com(650)-789-8220
CPP Investments Contact:Asher
Levinealevine@cppib.comTel: 929 208 7939
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