Business
BridgeBio Pharma, Inc. Reports Third Quarter 2020 Financial Results And Business Update
-Merger agreement executed between BridgeBio and Eidos Therapeutics; Potential to bring BridgeBio’s clinical and commercial development infrastructure to bear
About this update from Bridgebio Pharma, Inc.
[{"type":"text","content":"-Merger agreement executed between BridgeBio and Eidos Therapeutics; Potential to bring BridgeBio’s clinical and commercial development infrastructure to bear upon Eidos’ Acoramidis \n -New Drug Application for Fosdenopterin for the treatment of MoCD Type A accepted by the FDA under Priority Review designation -Initiated two new clinical trials since last quarterly update and progressed additional 15 ongoing clinical trials -Ended quarter with $710.7 million in cash, cash equivalents and marketable securities SAN FRANCISCO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO), a clinical-stage biopharmaceutical company founded to discover, create, test and deliver meaningful medicines for patients with genetic diseases and cancers with clear genetic drivers, today reported its financial results for the third quarter ended September 30, 2020 and provided an update on the company’s operations. BridgeBio announced a merger agreement last month with Eidos Therapeutics, Inc. (Nasdaq: EIDX), which is developing acoramidis (formerly AG10), a potential best-in-class transthyretin (TTR) stabilizer for patients with TTR amyloid (ATTR) cardiomyopathy and polyneuropathy. With this transaction, BridgeBio intends to fully and formally welcome Eidos back into its vibrant ecosystem of innovation and has agreed to acquire all of the outstanding common stock of Eidos it does not already own. The company expects to complete the proposed transaction in the first quarter of 2021, subject to certain conditions, including the receipt of stockholder approvals. Since the company’s last quarterly update, BridgeBio had its first new drug application (NDA) accepted by the U.S. Food and Drug Administration (FDA) under Priority Review designation and initiated two new clinical trials, including a Phase 2 trial of encaleret (calcium sensing receptor antagonist) for autosomal dominant hypocalcemia type 1 (ADH1), one of BridgeBio’s four core value driver programs. It also entered into collaboration agreements with the Salk Institute and the University of Colorado Anschutz Medical Campus to advance the development of new therapies for genetically driven diseases. BridgeBio held its first-ever R&D Day on September 29, 2020, which focused on the company’s drug engineering platform, its targeted oncology portfolio, and four highlighted programs w...