BridgeBio Launches Oncology Company with $200M Funding

BridgeBio recently announced that it has secured $200 million to spin out a former subsidiary focused on developing a KRAS-centered oncology portfolio. The new entity, named BridgeBio Oncology Therapeutics (BBOT), was originally a subsidiary known as TheRas. According to a filing with the SEC, this subsidiary has been active since 2016 and entered into a research and development agreement with Leidos Biomedical Research in 2017.

BBOT's mission is to create a range of small molecule drugs aimed at RAS and PI3K-related cancers. The company has three main programs in the pipeline. The first of these is BBO-8520, a direct inhibitor of KRAS that targets both the active and inactive states of the protein. This program is currently enrolling patients with mutant non-small cell lung cancer in a Phase Ia/Ib clinical trial.

The second program is BBO-10203, which is a PI3Kα:RAS breaker. This drug aims to block the interaction between RAS and PI3Ka, thereby inhibiting PI3Kα/AKT signaling in tumors. BBOT plans to submit an Investigational New Drug (IND) application for this asset in the second quarter of 2024 and to start enrolling patients later in the year.

The third asset, BBO-11818, is a pan-KRAS inhibitor targeting both active and inactive states of KRASG12X. BBOT plans to file for an IND for this drug in early 2025.

Additionally, BBOT is engaged in a discovery-stage research initiative to develop other drugs targeting various oncogenic drivers within the RAS and PI3K pathways.

Neil Kumar, CEO of BridgeBio, stated that the launch of BBOT will better align investor interest with an opportunity that was previously underrepresented in their pipeline. He also mentioned that the partnership with new investors would allow these oncology programs to progress more quickly and with greater precision.

The $200 million financing round was oversubscribed and led by Cormorant Asset Management, with Omega Funds co-leading. Other participants included GV (Google Ventures), Deerfield Management, EcoR1 Capital, Wellington Management, Enavate Sciences, Surveyor Capital, Casdin Capital, Aisling Capital, and Longwood Fund.

Eli Wallace, BridgeBio’s head of oncology R&D, will lead BBOT. Wallace joined BridgeBio in 2019, having previously served as the Chief Scientific Officer at Peloton Therapeutics. Kumar will also serve as a director of BBOT.

Wallace expressed enthusiasm about the progress of their programs, stating that they look forward to seeing all three programs advance into clinical trials over the next year, in collaboration with BridgeBio and their investors.

BridgeBio has experience with spinouts, having launched QED Therapeutics in 2018. QED Therapeutics secured $65 million to develop infigratinib, a cancer treatment initially abandoned by Novartis. This drug received accelerated approval from the FDA in 2021.

In summary, BBOT aims to advance its oncology portfolio with significant financial backing and strategic leadership, focusing on innovative treatments for RAS and PI3K malignancies.