BridgeBio Pharma, a renowned biopharmaceutical company, has recently announced that it has secured up to $1.25 billion in new financing. This funding will play a crucial role in the anticipated launch of its promising heart-disease drug candidate, acoramidis.
Partnership with Blue Owl Capital and Canada Pension Plan Investment Board
Upon the approval of acoramidis by the U.S. Food and Drug Administration (FDA), BridgeBio will receive $500 million in cash from two significant investors - Blue Owl Capital and Canada Pension Plan Investment Board. In exchange for this investment, the investors will be entitled to a 5% royalty on the global sales of acoramidis.
Refinancing Deal with Blue Owl
BridgeBio has also entered into a refinancing agreement with Blue Owl, which includes $450 million of committed capital. This capital will be used to refinance BridgeBio's senior credit facility, extending the maturity of the facility from 2026 to 2029.
Strategic Pipeline Expansion
In addition to the refinancing deal, the agreement provides BridgeBio with the opportunity to access additional facilities of up to $300 million of credit. This credit will play a crucial role in supporting BridgeBio's strategic pipeline expansion and acceleration.
Well-Capitalized for Future Growth
With this new financing, BridgeBio is exceptionally well-capitalized to not only launch acoramidis but also to continue its ongoing efforts in genetic-medicine research and development. The company remains committed to advancing innovative therapies and making a significant impact on patient outcomes.
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