BridgeBio raises $1 billion to fund Attruby and upcoming launches

BridgeBio closed a $1 billion preferred-equity financing on July 1 to support Attruby and a series of planned product launches.

Sixth Street led the deal with $800 million, and HealthCare Royalty contributed $134 million, Fierce Pharma reported. The convertible preferred shares carry a 7% initial dividend and an initial conversion price of $137.79.

Chief executive Neil Kumar said the capital would help the company deliver on its launches and beyond. BridgeBio expects up to three new medicines within roughly a year, in addition to Attruby.

Analysts at Leerink called the transaction incrementally positive, citing long-term capital with limited dilution. They also suggested the company may be building reserves for acquisitions.

The financing contrasts with Pfizer's position in the same market. Pfizer's tafamidis franchise is mature, and the company recently extended its patent protection for Vyndamax to 2031 through settlements with generic manufacturers. BridgeBio, by contrast, is raising capital to expand.

Attruby generated $222.4 million in US sales in the second quarter, more than three times the prior-year figure.