BridgeBio Raises $1 Billion Preferred Equity with $137.79 Conversion at 100% Premium
BBIO•BridgeBio Pharma has secured $1 billion in preferred equity—$800 million from Sixth Street and $133.9 million from HealthCare Royalty—with an initial conversion price of $137.79 per share, over a 100% premium. The financing supports Attruby’s growth and upcoming launches of BBP-418, encaleret and infigratinib in the next 12 months.
1. Investment Structure and Terms
BridgeBio entered into agreements for Series A Cumulative Convertible Participating Preferred Stock, raising $1 billion in total. Sixth Street led with an $800 million investment and HealthCare Royalty contributed $133.9 million. The preferred shares carry a 7.00% initial dividend (payable in kind or cash) and an initial conversion price of $137.79 per share (over 100% premium), rising to $153.10 per share after five years.
2. Balance Sheet Strengthening and Strategic Use
The infusion significantly bolsters BridgeBio’s balance sheet with permanent equity and no scheduled maturity. Management intends to allocate capital toward its highest-return opportunities, improving liquidity to advance commercial activities and development milestones without increasing debt burdens.
3. Pipeline and Upcoming Launch Catalysts
This capital arrives as Attruby® continues to expand its multi-billion-dollar potential, and as BridgeBio prepares for three additional U.S. product launches over the next 12 months: BBP-418 for LGMD2I/R9, encaleret for ADH1, and infigratinib for achondroplasia. These events represent key clinical and commercial catalysts that could drive revenue growth and shareholder value.
