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BridgeBio Pharma IPO: What You Need To Know

BridgeBio Pharma IPO: What You Need To Know

The week will see the listing of a late entrant into the arena, but it nonetheless has an impressive pipeline of investigational assets targeting genetic diseases.

The IPO Terms

BridgeBio Pharma (NASDAQ: BBIO),founded in 2015 and headquartered in Palo Alto, California, is set to offer 15 million shares in an initial public offering. The offering is estimated to be priced between $14 and $16 per share, according to the company's S-1/A filing.

The company seeks to list its shares on the Nasdaq under the ticker symbol BBIO.

Since the company qualifies as an "emerging growth company" it has elected to comply with certain reduced public company reporting requirement.

JPMorgan, Goldman Sachs, Jefferies, SVB Leerink, KKR, Piper Jaffray, Mizuho Securities, BMO Capital Markets and Raymond James are the underwriters for the offering.

The Company

BridgeBio Pharma focuses on identifying and advancing transformative medicines to treat diseases that arise from defects in a single gene, and for cancers with clear genetic drivers.

Its pipeline consists of over 15 development programs that are evaluating product candidates in early discovery to late-stage development.

The company currently has four product candidates in mid- to late-stage trials, and positive results from these trials could support an application for marketing authorization.

BridgeBio touts the following candidates as its value drivers:

  • BBP-265 being developed by its subsidiary Eidos Therapeutics Inc (NASDAQ: EIDX) in a late-stage trial for transthyretin amyloid cardiomyopathy
  • BBP-831 for FGFR-driven cancers and achondroplasia; the company expects to submit an NDA for this compound as a second-line or later therapy for cholangiocarcinoma in 2020.
  • BBP-631 – a pre-clinical gene therapy candidate for congenital adrenal hyperplasia driven by 21-hydroxylase deficiency
  • BBP-454 – a pre-clinical molecule for the treatment of pan-mutant KRAS-driven cancers

The Finances

BridgeBio is yet to turn in revenues. The company's R&D expenses rose a staggering 360% in fiscal year 2018, reflecting its vibrant clinical development program. The net loss for fiscal year 2018 widened from $36.24 million to $144.04 million.

For the three months ended March 2019, the company reported a loss of $61.19 million.

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