Japan PPI inflation slips to 11-mth low in July
PALO ALTO - BridgeBio Pharma, Inc. (NASDAQ:BBIO), a biotechnology company with a market capitalization of $8.52 billion, has sold 60% of its European royalties for its ATTR-CM treatment BEYONTTRA to HealthCare Royalty and Blue Owl Capital for $300 million, the company announced Monday. The company’s stock has shown remarkable strength, delivering a 77.1% return over the past year, according to InvestingPro data.
The transaction involves royalties on the first $500 million of annual BEYONTTRA net sales in Europe, with payments to investors capped at 1.45 times the investment amount.
"This transaction preserves significant upside for our shareholders, with careful structuring that limits annual as well as total payments made to the royalty investors," said Chinmay Shukla, Senior Vice President of Strategic Finance at BridgeBio.
The company said the deal strengthens its balance sheet to support the launch of Attruby, as acoramidis is branded in the U.S., and its pipeline of genetic medicines.
Acoramidis, which treats transthyretin amyloidosis with cardiomyopathy (ATTR-CM), has received regulatory approvals in the U.S., Europe, Japan, and the UK. The drug demonstrated a 42% reduction in composite all-cause mortality and cardiovascular hospitalization events at 30 months in clinical trials.
BridgeBio previously entered a licensing agreement with Bayer in March 2024 to commercialize BEYONTTRA in Europe, receiving $210 million in upfront and regulatory milestone payments. The company expects an additional $75 million in near-term milestone payments and tiered royalties starting in the low-30% range on European sales.
Clarke Futch, Chairman and CEO of HealthCare Royalty, said: "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 article is based on a press release statement from BridgeBio Pharma. For deeper insights into BridgeBio’s financial health and growth prospects, including 12 additional ProTips and comprehensive valuation metrics, visit InvestingPro. The platform offers exclusive access to detailed Pro Research Reports, transforming complex financial data into actionable intelligence for smarter investment decisions.
In other recent news, BridgeBio Pharma has captured the attention of several analysts with developments in its earnings and product performance. Wolfe Research initiated coverage with an outperform rating, projecting BridgeBio’s revenue to hit $569 million in 2025 and grow to $3.4 billion by 2028. H.C. Wainwright maintained a Buy rating, raising its price target to $56, reflecting optimism about BridgeBio’s financial outlook and the sales momentum of its drug acoramidis. Piper Sandler reiterated an Overweight rating, noting the potential impact of the upcoming Phase 3 results for the drug encaleret, with peak sales estimated to reach $389 million in the US and EU markets.
BMO Capital also adjusted its price target for BridgeBio to $42, citing expectations of strong second-quarter sales for acoramidis, known as Attruby. BridgeBio’s acoramidis has shown promising results in the ATTRibute-CM Phase 3 trial, indicating improved survival rates for patients with transthyretin amyloid cardiomyopathy (ATTR-CM). The study, published in the Journal of the American College of Cardiology, demonstrated that increased serum TTR levels are associated with reduced mortality. Acoramidis has been approved by the FDA and is marketed under the brand name Attruby in the US and BEYONTTRA in Europe, Japan, and the UK. These developments underscore BridgeBio’s continued progress in the ATTR-CM treatment landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.