BridgeBio donates rare disease assets to $300M GondolaBio venture

BridgeBio Pharma, on the heels of spinning out a dedicated oncology unit earlier this year, is now divesting a series of drug candidates targeting rare genetic diseases. This move, detailed in a U.S. securities filing this week, comes following the formation of a new joint venture called GondolaBio, bolstered by $300 million in financing from a syndicate of investors.

The newly formed GondolaBio will focus on early-stage clinical and preclinical programs aimed at conditions such as erythropoietic protoporphyria, alpha-1 antitrypsin deficiency, and tuberous sclerosis complex. The financing syndicate backing this venture includes Viking Global Investors, Patient Square Capital, Sequoia Capital, Frazier Life Sciences, Cormorant Asset Management, Aisling Capital, and an entity owned by BridgeBio CEO Neil Kumar.

Initially, BridgeBio will maintain a 45% stake in GondolaBio. However, this share might decrease as additional tranches of capital contributions are made. This strategic move aligns with BridgeBio's plan to concentrate on its late-stage assets, particularly those addressing cardiorenal and genetic disorders. Among these, the lead drug acoramidis is particularly notable, as it is currently awaiting a decision from the FDA by November 29 for its application in treating transthyretin-mediated amyloid cardiomyopathy (ATTR-CM).

BridgeBio's pipeline also includes other key drugs like encaleret, a calcium-sensing receptor antagonist being developed for disorders related to calcium homeostasis, such as autosomal dominant hypocalcaemia type 1. Additionally, BBP-418 has the potential to become the first oral therapy for limb-girdle muscular dystrophy type 2I/R9.

In May, BridgeBio made another significant move by spinning out BridgeBio Oncology Therapeutics (BBOT). This new unit is dedicated to advancing three of the company’s early-stage cancer programs. BBOT secured $200 million in private funding, with Cormorant Asset Management leading the investment and Omega Funds co-leading.

These strategic initiatives reflect BridgeBio's broader strategy to optimize its focus and resources on its most promising late-stage drug candidates while facilitating the development of early-stage programs through new ventures like GondolaBio. The company's calculated approach aims to advance the treatment landscape for both common and rare diseases, leveraging both internal capabilities and external partnerships.

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