US-based biopharmaceutical company BridgeBio Pharma has launched a new oncology-focused firm dubbed BridgeBio Oncology Therapeutics (BBOT) with $200m of private external capital.

TheRas, the holding company of BridgeBio Oncology Therapeutics, is a former subsidiary of BridgeBio Pharma. It will use the funds to expedite the development of BridgeBio Pharma’s oncology portfolio.

BridgeBio Oncology Therapeutics’ financing round was led by Cormorant Asset Management and co-led by Omega Funds.

It also saw participation from affiliates of Deerfield Management, Google Ventures (GV), EcoR1 Capital, Wellington Management, Enavate Sciences, and others.

Omega Funds partner Michelle Doig said: “We are very excited about BBOT’s pipeline of potential first-in-class assets and to join a team of world class experts in RAS-driven malignancies, who we believe are positioned to have significant positive impact on cancer patients and build stakeholder value.”

BridgeBio Oncology Therapeutics will focus on advancing the BBO-8520, BBO-10203, and BBO-11818 clinical programmes.

BBO-8520 is an inhibitor directly targeting KRASG12C which binds to both the ON and OFF states of the protein.

Currently, BridgeBio Oncology Therapeutics is registering participants for the ONKORAS-101 trial, focusing on individuals with non-small cell lung cancer carrying the KRASG12C mutation.

BBO-10203 is a PI3Kα:RAS breaker designed to stop the interaction between RAS and PI3Ka, halting PI3Kα / AKT effector signalling in tumours.

BridgeBio Oncology Therapeutics anticipates submitting an investigational new drug application (IND) for BBO-10203 in Q2 2024, subject to its clearance. The company will start patient recruitment later in the year.

On the other hand, BBO-11818 is a pan-KRAS inhibitor for both the ON and OFF states of KRASG12X. The candidate’s IND submission is expected in early 2025.

Additionally, the newly launched oncology firm will continue focusing on a discovery-stage research programme of targeting more oncogenic drivers in the RAS and PI3K pathways.

BridgeBio Oncology Therapeutics will be led by Eli Wallace as CEO and Pedro Beltran will take the position of chief scientific officer.

Wallace said: “We are excited to progress our portfolio of novel small molecules to treat patients suffering from RAS pathway malignancies.

“In conjunction with BridgeBio and an amazing suite of investors, we look forward to seeing all three of our programs progress into the clinic over the next 12 months.”

In January, the BridgeBio Pharma raised up to $1.25bn of capital from Blue Owl Capital and CPP Investments to develop and launch genetic medicines.