BridgeBio Pharma Secures $300 Million in Royalty Financing to Support Attruby® Launch and Late-Stage Programs

BridgeBio secures $300 million from royalty financing, enhancing its financial position for Attruby® launch and pipeline development.

Quiver AI Summary

BridgeBio Pharma has secured a $300 million upfront payment through a royalty financing agreement with HealthCare Royalty and Blue Owl Capital, which will bolster its financial position and support the launch of its drug Attruby® as well as ongoing late-stage programs. This deal allows BridgeBio to monetize 60% of its European royalties on the first $500 million of annual BEYONTTRA net sales, with total payments to investors capped at 1.45 times the original amount. Clinical trials for acoramidis, marketed as Attruby in the U.S. and BEYONTTRA in Europe, have shown promising results, including a 42% reduction in adverse cardiovascular events compared to placebo after 30 months. The funding aims to enhance the company’s ability to develop innovative genetic therapies while preserving shareholder value.

Potential Positives

BridgeBio has secured a $300 million upfront payment, significantly enhancing its financial resources to support the launch of Attruby® and its pipeline programs.
The royalty financing agreement allows for immediate capital infusion while preserving significant upside potential for BridgeBio's shareholders due to its careful structuring.
Acoramidis has shown strong clinical efficacy with a 42% reduction in composite ACM and CVH events, marking a notable advancement for patients with ATTR-CM.
Acoramidis has received multiple international approvals, including from the U.S. FDA and European Commission, positioning it for strong market potential.

Potential Negatives

The royalty financing agreement represents a significant upfront cost of 60% of BridgeBio's European royalties on BEYONTTRA sales, potentially limiting future revenue from this product.
BridgeBio is subject to an initial cap of 1.45x on total payments to the investors, which could signify limitations on long-term financial returns from this agreement.
The press release highlights adverse reactions associated with Attruby, specifically diarrhea and abdominal pain, which could impact public perception and adoption of the drug.

FAQ

What is the purpose of BridgeBio's $300 million payment?

The payment strengthens BridgeBio's balance sheet and supports the launch of Attruby and its late-stage pipeline programs.

What percentage of royalties did BridgeBio monetize?

BridgeBio monetized 60% of its European royalties on the first $500 million of BEYONTTRA annual net sales.

What are the benefits of acoramidis in clinical studies?

Acoramidis showed a 42% reduction in composite ACM and recurrent CVH events compared to placebo at Month 30.

Where is Attruby approved?

Attruby is approved by the U.S. FDA and as BEYONTTRA by the European Commission and other regulatory agencies.

Who are BridgeBio's partners in the royalty financing agreement?

BridgeBio partnered with HealthCare Royalty (HCRx) and Blue Owl Capital for the royalty financing agreement.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$BBIO Insider Trading Activity

$BBIO insiders have traded $BBIO stock on the open market 26 times in the past 6 months. Of those trades, 0 have been purchases and 26 have been sales.

Here’s a breakdown of recent trading of $BBIO stock by insiders over the last 6 months:

GENETIC DISORDER L.P. KKR has made 0 purchases and 2 sales selling 12,000,000 shares for an estimated $402,960,000.
GLOBAL INVESTORS LP VIKING sold 3,065,616 shares for an estimated $106,989,998
NEIL KUMAR (Chief Executive Officer) has made 0 purchases and 12 sales selling 957,699 shares for an estimated $34,146,354.
FRANK MCCORMICK sold 100,000 shares for an estimated $4,422,800
ANDREW LO sold 100,000 shares for an estimated $3,849,900
BRIAN C STEPHENSON (CFO and Treasurer) has made 0 purchases and 4 sales selling 80,648 shares for an estimated $2,899,849.
ANDREA ELLIS has made 0 purchases and 2 sales selling 40,000 shares for an estimated $1,371,500.
HANNAH VALANTINE has made 0 purchases and 2 sales selling 17,167 shares for an estimated $591,179.
MARICEL APULI (Chief Accounting Officer) sold 1,026 shares for an estimated $39,509

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$BBIO Hedge Fund Activity

We have seen 189 institutional investors add shares of $BBIO stock to their portfolio, and 134 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

KOHLBERG KRAVIS ROBERTS & CO. L.P. removed 6,000,000 shares (-23.8%) from their portfolio in Q1 2025, for an estimated $207,420,000
VIKING GLOBAL INVESTORS LP removed 3,065,616 shares (-12.2%) from their portfolio in Q1 2025, for an estimated $105,978,345
JANUS HENDERSON GROUP PLC added 2,263,866 shares (+46.1%) to their portfolio in Q1 2025, for an estimated $78,261,847
DEEP TRACK CAPITAL, LP added 1,980,838 shares (+241.8%) to their portfolio in Q1 2025, for an estimated $68,477,569
CITADEL ADVISORS LLC added 1,675,672 shares (+133.5%) to their portfolio in Q1 2025, for an estimated $57,927,981
FARALLON CAPITAL MANAGEMENT LLC added 1,536,000 shares (+36.6%) to their portfolio in Q1 2025, for an estimated $53,099,520
DRIEHAUS CAPITAL MANAGEMENT LLC added 1,500,558 shares (+inf%) to their portfolio in Q1 2025, for an estimated $51,874,290

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$BBIO Analyst Ratings

Wall Street analysts have issued reports on $BBIO in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Wolfe Research issued a "Outperform" rating on 06/17/2025
UBS issued a "Buy" rating on 04/30/2025

To track analyst ratings and price targets for $BBIO, check out Quiver Quantitative's $BBIO forecast page.

Full Release

BridgeBio has received a $300 million upfront payment, strengthening the Company’s balance sheet, and supporting the launch of Attruby ^® and ongoing late-stage pipeline programs
Transaction monetizes 60% of BridgeBio’s European royalties on the first $500 million of annual BEYONTTRA net sales, with total payments to the investors subject to an initial cap of 1.45x
In the ATTRibute-CM study, acoramidis demonstrated the most rapid benefit seen in any Phase 3 study of ATTR-CM to date in both ATTRv-CM and ATTRwt-CM patients:
- In as few as 3 months, the time to first event (ACM or CVH) durably separated relative to placebo
- A 42% reduction in composite ACM and recurrent CVH events relative to placebo at Month 30
- A 50% reduction in the cumulative frequency of CVH events relative to placebo at Month 30
Acoramidis is approved as Attruby by the U.S. FDA and is approved as BEYONTTRA by the European Commission, Japanese Pharmaceuticals and Medical Devices Agency and UK Medicines and Healthcare Products Regulatory Agency

PALO ALTO, Calif., June 30, 2025 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a new type of biopharmaceutical company focused on genetic diseases, today announced it has sold a portion of royalties due to the Company from sales of BEYONTTRA in Europe to HealthCare Royalty (“HCRx”) and funds managed by Blue Owl Capital (“Blue Owl”) for $300 million. This royalty financing agreement monetizes select anticipated royalties and provides immediate less-dilutive capital to the Company.

“We’re excited to partner with HCRx and Blue Owl to strengthen our balance sheet in support of the launch of Attruby and our pipeline of first and best-in-class genetic medicines. This transaction preserves significant upside for our shareholders, with careful structuring that limits annual as well as total payments made to the royalty investors. This financing highlights the strong early start and large global potential of acoramidis,” said Chinmay Shukla, Senior Vice President of Strategic Finance at BridgeBio.

Clarke Futch, Chairman and Chief Executive Officer of HCRx commented:
“We have been following the progress of acoramidis for years and strongly believe in its potential to positively impact the lives of patients living with ATTR-CM. This investment exemplifies HCRx’s commitment to supporting innovation in the biopharmaceutical industry and we are pleased to collaborate with BridgeBio on this transaction.”

“We are pleased to continue our support of BridgeBio through this royalty monetization transaction,” said Sandip Agarwala, Managing Director and Head of Life Sciences at Blue Owl. “This investment reflects our confidence in BEYONTTRA commercial potential and our commitment to providing flexible capital solutions that help advance life-saving therapies.”

Under the terms of the agreement, BridgeBio has received $300 million from HCRx and Blue Owl managed funds in exchange for 60% of royalties on the first $500 million of annual BEYONTTRA net sales in Europe. The agreement includes an initial cap of 1.45x. Once the applicable cap is met, no further payments will be owed to the investors.

In March 2024, BridgeBio entered into an exclusive licensing agreement with Bayer Consumer Care AG to commercialize BEYONTTRA in Europe for the treatment for ATTR‑CM. To date, BridgeBio has received $210 million in upfront and regulatory milestones, and anticipates receiving a further $75 million in near-term milestone payments, along with tiered royalties starting in the low‑30% range on net sales of BEYONTTRA in Europe. Acoramidis is approved in the U.S. as Attruby by the FDA and in Europe as BEYONTTRA by the European Commission. It is also approved as BEYONTTRA by the Japanese Pharmaceuticals and Medical Devices Agency, and UK Medicines and Healthcare Products Regulatory Agency with all labels specifying near-complete stabilization of TTR.

Latham & Watkins LLP served as legal advisor to BridgeBio. Gibson, Dunn & Crutcher LLP served as legal advisor to HCRx and Blue Owl.

About BEYONTTRA

BEYONTTRA is an orally administered near-complete (≥90%) stabilizer of transthyretin (TTR) indicated for the treatment of wild-type or variant transthyretin amyloidosis in adult patients with cardiomyopathy (ATTR-CM). For full prescribing information, please refer to the Summary of Product Characteristics (SmPC) on the Medicines and Healthcare products Regulatory Agency website at https://products.mhra.gov.uk/ .

About Attruby™ (acoramidis)

INDICATION
Attruby is a transthyretin stabilizer indicated for the treatment of the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular death and cardiovascular-related hospitalization.

IMPORTANT SAFETY INFORMATION

Adverse Reactions
Diarrhea (11.6% vs 7.6%) and upper abdominal pain (5.5% vs 1.4%) were reported in patients treated with Attruby versus placebo, respectively. The majority of these adverse reactions were mild and resolved without drug discontinuation. Discontinuation rates due to adverse events were similar between patients treated with Attruby versus placebo (9.3% and 8.5%, respectively).

About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. (BridgeBio) is a new type of biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. 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. For more information visit bridgebio.com and follow us on LinkedIn , Twitter , Facebook , and YouTube .

About HealthCare Royalty
HealthCare Royalty (HCRx) is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical products. With offices in Stamford, Conn., San Francisco, Boston, London and Miami, HCRx has invested $5+ billion in over 90 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com . HEALTHCARE ROYALTY® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC.

About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives ^® .
With $273 billion in assets under management as of March 31, 2025, we invest across three multi-strategy platforms: Credit, Real Assets, and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation. Together with over 1,200 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com .

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,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “potential,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. BridgeBio intends 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 the potential commercial performance of BEYONTTRA in Europe and other global markets; the anticipated benefits of the royalty monetization agreement with HCRx and Blue Owl Capital; BridgeBio’s expectations for the launch and market uptake of Attruby and BEYONTTRA; the belief in acoramidis’ ability to positively impact the lives of patients with ATTR-CM; and the expected use of proceeds to support BridgeBio’s pipeline of genetic medicines, reflect BridgeBio’s current views about its plans, intentions, expectations, and strategies, which are based on information currently available and assumptions it has made. Although BridgeBio believes that its plans, intentions, expectations, and strategies as reflected in or suggested by these forward-looking statements are reasonable, it can give no assurance that such 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: BridgeBio’s dependence on third parties for development or commercialization activities; regulatory authorities requiring additional studies or data to support the continued or expanded commercialization of acoramidis; whether data and results meet applicable regulatory requirements or are sufficient for continued development, review, or approval; and whether other regulatory agencies agree with BridgeBio’s strategies or data interpretations. These risks also include impacts from global health emergencies, such as delays in regulatory reviews and other activities, manufacturing and supply chain interruptions, adverse effects on healthcare systems, and disruption of the global economy; and the impacts of macroeconomic and geopolitical events, including changing conditions from hostilities in Ukraine and in Israel and the Gaza Strip, increasing inflation rates, and fluctuating interest rates on BridgeBio’s operations and expectations. Additional risks are described in the “Risk Factors” section of BridgeBio’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. Moreover, BridgeBio operates in a highly competitive and rapidly evolving industry in which new risks may emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of BridgeBio’s 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 these statements. Except as required by applicable law, BridgeBio assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

BridgeBio Media Contact:
Bubba Murarka, Executive Vice President
[email protected]
(650)-789-8220

BridgeBio Investor Contact:
Chinmay Shukla, Senior VP Strategic Finance
[email protected]