BridgeBio secures up to $1.25B of capital from Blue Owl, CPP Investments

BridgeBio Pharma announced strategic financing from Blue Owl Capital and Canada Pension Plan Investment Board , through a wholly owned subsidiary of CPPIB Credit Investments, bringing in capital of up to $1.25 billion. With these transactions, BridgeBio obtains financing from experienced healthcare investors who share the Company’s confidence in the anticipated launch of acoramidis as the potential backbone of therapy for transthyretin amyloid cardiomyopathy. The overall collaboration includes the following key features: A royalty agreement with Blue Owl and CPPIB Credit: $500 million cash payment upon FDA approval of acoramidis to help support the Company’s commercial launch in exchange for future royalties of 5% of worldwide net sales of acoramidis, both of which are subject to various conditions. This consists of $300 million from Blue Owl and $200 million from CPPIB Credit; Total royalty payments are capped at 1.9 times the invested capital, and the royalty agreement includes investment features intended to provide broad strategic flexibility for BridgeBio going forward. A refinancing with Blue Owl of BridgeBio’s existing senior credit facility: $450 million of committed capital funded at close to refinance BridgeBio’s existing senior credit facility, extending maturity from 2026 to 2029 and providing the Company with considerable operational flexibility; An additional tranche of up to $300 million, funded at the Company and Blue Owl’s mutual consent to support strategic corporate development activities