Infigratinib Phosphate

Things are happening fast at BridgeBio as it plugs away at the launch of blockbuster-in-waiting Attruby and prepares to potentially introduce three new drugs to the market within the next 12 months. To help the 11-year-old California biotech ramp up for the commercial surge, Sixth Street and HealthCare Royalty have agreed to invest up to $1 billion in newly issued convertible preferred equity into the company. The deal carries a 7% initial dividend and an initial conversion price of $137.79 per share, which represents a more than 100% premium over BridgeBio's 30-day average price. After five years, the conversion price bumps up to $153.10 per share, marking a more than a 125% premium, the company said in a July 1 release. BridgeBio's share price on Wednesday morning was $74.55, up 14% over the last month. Preferred equity funding gives investors priority over common stockholders for cash payouts. While the payouts are lower than those for common stock, so are the risks. As the lead investor, Sixth Street funded $800 million, while HealthCare Royalty funded $134 million. “Access to this type and quantum of capital ensures we can deliver on the promise of our launching medicines and beyond,” Neil Kumar, Ph.D., BridgeBio's co-founder and CEO, said in a release. BridgeBio added that it would provide more details about the transaction in a securities filing, which had yet to be posted by mid-morning on Wednesday. While BridgeBio declared that the investment is designed to support its current and upcoming launches, analysts from Leerink speculated that the company could be thinking of M&A, especially given the value of three priority review vouchers (PRV) that are likely to stem from FDA approvals for its candidates, given that the company’s top three pipeline assets address genetic disorders with unmet need. “The size of the financing, existing strength of the balance sheet and potential cash value of the PRVs suggest BridgeBio is stockpiling dry powder,” Leerink wrote in a note to investors Wednesday. “That said, we see the transaction as incrementally positive, with the greater than 100% conversion premium providing substantial long-term capital with limited dilution ahead of a catalyst-rich year.” In its 20 years of operation, HealthCare Royalty says it has invested more than $7 billion in over 110 biopharma products. In July of last year, global investment firm KKR acquired a majority ownership stake in HealthCare Royalty. Sixth Street, founded in 2009 and managing $130 billion in assets under management and committed capital, has invested in several biopharma ventures, including Apellis, Arrowhead, Biohaven, Blueprint and Immunogen. In its most recent quarterly report, meanwhile, BridgeBio reported sales of its ATTR-CM medicine, Attruby, at $181 million for the first three months of 2026. The medicine was approved in November of 2024 and generated sales of $362 million in its first four full quarters on the market. BridgeBio expects its next launch will come in the form of BBP-418, a glycosylation substrate that restores muscle function and faces a November decision from the FDA as a potential treatment for a type of limb-girdle muscular dystrophy. Analysts from William Blair have called BBP-418 a potential blockbuster. Also in the pipeline are encaleret for autosomal dominant hypocalcemia, a calcium deficiency disorder, and Kyowa Kirin-partnered infigratinib , an oral treatment for children with achondroplasia (dwarfism) that has been pegged by Cantor analyst Josh Schimmer as having annual sales potential of $2 billion. BridgeBio has posted successful phase 3 results for both oral assets.

Gearing up to launch three new drugs within the next 12 months, BridgeBio on Wednesday raised $1 billion in convertible preferred equity. The financing was led by Sixth Street, funding $800 million of the offering, with participation from HealthCare Royalty, funding $133.9 million of the preferred equity investment as of Wednesday's close. Under the deal, the purchased shares carry a 7% initial dividend and have an initial conversion price of $137.79 apiece, representing a 100% premium to BridgeBio's 30-day volume-weighted average trading price, though that figure increases to $153.10 per share starting on the fifth anniversary. BridgeBio will divvy the funds up across a trio of treatments: BBP-418, an experimental therapy for limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9); encaleret, a small molecule for autosomal dominant hypocalcaemia type 1 (ADH1); and oral achondroplasia therapy infigratinib. With a PDUFA date of Nov. 27, BBP-418 is likely to launch first. The oral therapy, which works by supplying excess substrate to enhance glycosylation of muscle α-dystroglycan, met its primary endpoint in the Phase III FORTIFY trial. Updated data shared in March showed that after 12 months of treatment, patients on BBP-418 completed the 100-meter timed test about 31 seconds faster than placebo recipients. BridgeBio has also submitted an NDA for encaleret, which is designed to selectively negatively modulate the calcium-sensing receptor. In the Phase III CALIBRATE trial, 76% of patients with ADH1 who received encaleret achieved both target serum calcium and urine calcium levels compared with 4.4% of those same individuals while on standard of care.The drugmaker previously said it plans to file for approval of infigratinib in the second half of this year. BioMarin reported in February that the oral therapy met its primary endpoint in the Phase III PROPEL 3 study, with patients on infigratinib achieving a mean treatment difference in annualised height velocity from baseline of +2.10 cm/year compared with placebo through week 52.