Bayer Acquires European Rights for BridgeBio's ATTR-CM Therapy

Bayer, a major German pharmaceutical company, has agreed to pay $310 million upfront to BridgeBio for the exclusive rights to market acoramidis in Europe. Acoramidis is a treatment for transthyretin amyloid cardiomyopathy (ATTR-CM), a serious heart condition. The deal was announced on Monday, and along with the initial payment, BridgeBio stands to receive additional compensation through sales milestones and royalties that start from a rate of around 30% on European sales of the drug.

The move by Bayer follows the success of acoramidis in Phase III clinical trials, which met its primary endpoint in August 2023. This positive outcome has led to the FDA setting a Prescription Drug User Fee Act (PDUFA) date for potential approval by November 29, 2025. Additionally, the European Medicines Agency has accepted the marketing authorization application, aiming for a possible approval in the European Union within the same year.

Ananth Sridhar, BridgeBio's senior vice president of corporate development, emphasized in a statement the importance of making acoramidis accessible to as many patients as possible, as swiftly as possible. Sridhar highlighted that partnering with Bayer allows BridgeBio to benefit from Bayer’s established cardiovascular infrastructure in Europe, enabling substantial cost savings. This, in turn, allows BridgeBio to focus its resources on markets it solely owns, including preparations for the U.S. launch.

Salim Syed, an analyst from Mizuho, commented on the logical and operational fit of the deal for BridgeBio. He noted that Bayer, with its cardiovascular portfolio and the upcoming expiration of Xarelto's patent in Europe, has a strategic incentive to incorporate acoramidis into its offerings.

Juergen Eckhardt, a member of Bayer’s pharmaceuticals division executive committee, also voiced excitement about the collaboration. He stated that Bayer aims to advance cardiovascular care for patients, and incorporating acoramidis into their specialty cardiology portfolio aligns with this vision. Bayer is committed to making the treatment available swiftly post a positive regulatory decision in Europe.

Recently, BridgeBio has been actively engaging in various agreements. In January 2024, the company secured significant investment from Blue Owl Capital and the Canada Pension Plan, boosting their total capital to $1.25 billion. Additionally, last month, Kyowa Kirin paid BridgeBio $100 million for exclusive rights to develop and market infigratinib for treating skeletal dysplasias in Japan.