- Preferred equity investment led by Sixth Street and with participation from HealthCare Royalty, a business of KKR, with an initial conversion price of approximately $138 per share (more than 100% premium to Company's 30-day VWAP)
- The financing significantly strengthens the Company's balance sheet, enabling it to efficiently allocate capital across its highest return opportunities
- The financing comes at a pivotal moment for the Company, as Attruby® continues to grow into a multi-billion-dollar blockbuster drug, and as BridgeBio prepares for three additional potential blockbuster U.S. product launches over the next 12 months across BBP-418 for LGMD2I/R9, encaleret for ADH1, and infigratinib for achondroplasia
PALO ALTO, Calif., July 01, 2026 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) ("BridgeBio" or the "Company"), a commercial-stage, multi-product biopharmaceutical company focused on developing medicines for genetic conditions, today announced that it has entered into an agreement with funds managed by Sixth Street ("Sixth Street") and funds managed by HealthCare Royalty, a business of KKR ("HCRx" and, together with Sixth Street, the "Purchasers") under which the Purchasers have invested up to $1 billion in newly issued convertible preferred equity of the Company.
The Series A Cumulative Convertible Participating Preferred Stock has the following principal terms:
7.00% initial dividend, payable in kind or in cash at the Company's election
Initial conversion price of $137.79 per share (more than 100% premium to BridgeBio's 30-day volume-weighted average price), increasing to $153.10 per share (more than 125% premium) from the fifth anniversary
Permanent equity with no scheduled maturity and no redemption at the holder's option
BridgeBio may redeem the preferred stock for cash or, in certain circumstances, convert it into common stock, in each case on the terms set forth in the definitive agreements
Sixth Street funded $800M as the lead investor, and HealthCare Royalty funded $133.9M at today's close of the preferred equity investment.
"We are privileged to be partnering with Sixth Street and HealthCare Royalty at this pivotal time in BridgeBio's trajectory. This financing represents the best of our dual mission – 1) to put patients first and ensure that we have the resources to do so, and 2) that we execute those responsibilities in a manner that maximizes the economic value of our Firm. Access to this type and quantum of capital ensures we can deliver on the promise of our launching medicines and beyond," said Neil Kumar, Ph.D., Co-Founder and CEO of BridgeBio.