BridgeBio Pharma has raised $300m by monetising a portion of its European royalties from Beyonttra, an oral stabiliser for transthyretin amyloidosis with cardiomyopathy (ATTR-CM).
US-based royalty acquisition company HealthCare Royalty and alternative investment asset management company Blue Owl Capital offered BridgeBio immediate, less-dilutive capital.
Under the terms of the agreement, HealthCare Royalty and Blue Owl obtained 60% of royalties on the first $500m of Beyonttra’s annual net sales in Europe.
The deal includes a cap of 1.45x, after which no further payments will be required.
Beyonttra, also known as Attruby in the US, offers near-complete stabilisation of transthyretin (TTR).
It is approved by the European Commission (EC), Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), and UK Medicines and Healthcare Products Regulatory Agency (MHRA).
BridgeBio strategic finance senior vice president Chinmay Shukla said: “We’re excited to partner with HCRx and Blue Owl to strengthen our balance sheet in support of the launch of Attruby and our pipeline of first and best-in-class genetic medicines.
“This transaction preserves significant upside for our shareholders, with careful structuring that limits annual as well as total payments made to the royalty investors. This financing highlights the strong early start and large global potential of acoramidis.”
BridgeBio had previously signed an exclusive licensing agreement with Bayer Consumer Care in March 2024 to commercialise Beyonttra in Europe for ATTR-CM treatment.
The company has received $210m in upfront and regulatory milestones and expects an additional $75m in near-term milestone payments.
Latham & Watkins served as legal advisor to BridgeBio, while Gibson, Dunn & Crutcher as advisor HealthCare Royalty and Blue Owl, on this transaction.
Blue Owl Managing Director and Head of Life Sciences Sandip Agarwala said: “We are pleased to continue our support of BridgeBio through this royalty monetisation transaction.
This investment reflects our confidence in BEYONTTRA commercial potential and our commitment to providing flexible capital solutions that help advance life-saving therapies.”
HCRx Chairman and Chief Executive Officer Clarke Futch 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 investment exemplifies HCRx’s commitment to supporting innovation in the biopharmaceutical industry and we are pleased to collaborate with BridgeBio on this transaction.”
