On July 9, BridgeBio Pharma rose 10.17% in regular trading, trading at approximately $90.73/share, with turnover of $215 million. The rally was driven by news that private equity firms KKR and Sixth Street Partners have agreed to provide $1 billion in preferred equity financing to the company.
Sixth Street is leading the investment with approximately $800 million, with the preferred equity convertible at an initial rate of $138 per share, representing a 100% premium to the 30-day volume-weighted average price. The funding will be used to accelerate the commercialization of three core rare disease pipeline assets: BBP-418, encaleret, and infigratinib. BBP-418, targeting limb-girdle muscular dystrophy, has received FDA Priority Review designation following its NDA submission. Encaleret, a treatment for autosomal dominant hypocalcemia type 1, has been filed with the FDA with a targeted US launch in early 2027. Infigratinib's Phase 3 Propel 3 trial data for achondroplasia has been published in the New England Journal of Medicine.
The financing signals BridgeBio's accelerated transition from a research-stage company to a multi-product commercial-stage rare disease enterprise, with the significant conversion premium reflecting investor confidence in the company's long-term valuation.
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