BridgeBio anticipates this raise, coupled with multiple less dilutive financing available to the company, will fully capitalize the company to profitability.
Heaptalk, Jakarta — a commercial-stage biopharmaceutical company BridgeBio Pharma has signed a securities purchase agreement with confident existing and new accredited investors to issue and sell an aggregate of around 9.1 million shares of its common stock on the closing price day at Friday 23 of US$27.27 per share through a private investment in public equity (PIPE) financing.
BridgeBio anticipates the gross proceeds from the PIPE financing to be approximately US$250 million before deducting offering expenses. This financing is expected to close on September 27, depending on customary closing conditions.
In this PIPE financing, Qatar Investment Authority (QIA), with significant participation from four of the largest investment management firms in the US and several large institutional investors and existing investors. Also, TD Cowen, Mizuho, and KKR Capital Markets LLC acted as joint placement agents for the PIPE financing.
The company completed this targeted and strategic raise to provide an entry for new long-term shareholders while exploring additional strategic options to fund the business.
Responding to this matter, the Founder and CEO of BridgeBio, Neil Kumar, stated, “We are pleased to partner with such a robust group of investors. Their support will bolster us in funding our future operations, including the launch of acoramidis and our upcoming Phase 3 readouts in achondroplasia, LGMD2I, and ADH1, as well as enable us to pursue additional less dilutive financing options to optimize our cost of capital,”
The securities traded in the PIPE financing are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1993, as amended. They may only be offered or sold in the US under a practical registration requirement.
In conjunction with the execution of the securities purchase agreement, BridgBio and the investors also signed a registration rights agreement, according to which the company has agreed to file a registration statement with the Securities Exchange Commission registering the resale of the securities sold in the PIPE financing.
source: globenewswire.com
