BridgeBio raises $300M via parital capped monetization of European royalty

BridgeBio Pharma (BBIO)has sold a portion of royalties due to the Company from sales of BEYONTTRA in Europe to HealthCare Royalty and funds managed by Blue Owl Capital for $300M. This royalty financing agreement monetizes select anticipated royalties and provides immediate less-dilutive capital to the Company. Under the terms of the agreement, BridgeBio has received $300M from HCRx and Blue Owl managed funds in exchange for 60% of royalties on the first $500M 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 (BAYRY) to commercialize BEYONTTRA in Europe for the treatment for ATTR-CM. To date, BridgeBio has received $210M 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.