BridgeBio secures $200M from VCs to boost oncology spinout's KRAS efforts

BridgeBio Pharma has initiated a strategic move to secure $200 million in funding to propel its cancer-focused division, BridgeBio Oncology Therapeutics (BBOT), forward. This capital will primarily support the development of a pipeline spearheaded by a KRAS inhibitor, aiming to reach significant clinical milestones within the next 18 to 24 months.

BridgeBio's journey into oncology began in 2017 when TheRas, now operating as BBOT, entered into an agreement with Leidos Biomedical Research. This partnership resulted in the acquisition of a KRAS G12C inhibitor and two additional assets. For years, TheRas functioned as a subsidiary of BridgeBio, requiring minimal financial input, with research and development expenditures related to the Leidos partnership totaling only $3.6 million in 2023.

To accelerate the development of its oncology assets, BridgeBio decided to establish BBOT as a separate entity and attract external investors. This strategic move aims to provide BBOT with the necessary resources to achieve pivotal clinical developments in the coming 18 to 24 months.

BBOT has already commenced a phase 1 clinical trial of its KRAS G12C inhibitor, BBO-8520, in patients with non-small cell lung cancer. The trial, which began last month, will evaluate BBO-8520 both as a standalone treatment and in combination with Keytruda. Although BBOT's program trails behind the approved KRAS inhibitors marketed by Amgen and Bristol Myers Squibb (BMS), the company and its investors are optimistic that a unique feature of BBO-8520 could result in superior efficacy.

KRAS mutations are known to cycle between active and inactive states. Existing KRAS inhibitors from Amgen, BMS, and Roche target the inactive state. BBOT contends that to achieve optimal efficacy and prevent resistance mechanisms, inhibitors must also target the active state of KRAS. Preclinical studies suggest that BBO-8520 may offer advantages over the current market leaders by addressing both states.

BBOT is not only focused on BBO-8520 but is also preparing to advance two other assets into clinical trials. BBO-10203, designed to disrupt the interaction between RAS and PI3Ka, aims to inhibit a tumor signaling pathway without the high blood sugar side effects associated with PI3Kα inhibitors. BBOT plans to start enrolling patients in a clinical trial for BBO-10203 later this year.

Following closely behind is BBO-11818, a pan-KRAS inhibitor. Unlike BBOT’s lead candidate, which targets a specific subset of KRAS mutations, BBO-11818 is designed to address multiple forms of KRAS in both active and inactive states. This broader targeting strategy could potentially make BBO-11818 effective in a more extensive range of patients. BBOT aims to file for human trials of BBO-11818 next year.

The leadership team overseeing these ambitious programs includes Eli Wallace, Ph.D., as BBOT’s CEO, and Pedro Beltran, Ph.D., as the chief scientific officer. Wallace has been with BridgeBio since 2019, while Beltran joined in 2020 to focus on RAS biology research.

The recent financing round was spearheaded by Cormorant Asset Management and Omega Funds, with contributions from several other investment firms, including Deerfield Management, GV, EcoR1 Capital, Wellington Management, Enavate Sciences, Surveyor Capital, Aisling Capital, Casdin Capital, and Longwood Fund. This influx of external investment allows BridgeBio to allocate its internal funds to launch acoramidis and support multiple phase 3 clinical trials.