BridgeBio raises $299m to support drug research efforts

BridgeBio raises $299m to support drug research efforts
Credit: Shutterstock.com/ Atstock Productions

BridgeBio Pharma is beefing up its drug R&D programmes and expanding its efforts to rapidly develop medicines for patients with unmet needs after closing a $299.2 million financial round.

The round was co-led by existing investors KKR and Viking Global Investors, with other investors participating including Perceptive Advisors, AIG, Aisling Capital, Cormorant Capital, and Hercules Capital.

They were joined by new investors Sequoia Capital, and a blue-chip long-term investor.

Neil Kumar, co-founder and CEO of BridgeBio Pharma, said: “The path from promising early-stage science to a drug that makes a difference for patients requires a long-term vision and steady commitment.

“We are fortunate to have our investors’ support as we develop these treatments.”

BridgeBio Pharma was formed in 2015 by a team of drug research and development veterans from both the biotech industry and academia.

The company seeks to translate novel scientific discoveries from universities, academic medical centres, and pharmaceutical research groups into genetically-targeted therapeutics that address the fundamental causes of disease.

Its portfolio of more than 15 assets includes several in the pre-clinical stages of development, as well as four programs in or approaching pivotal trials.

Each of these drug assets is housed in its own subsidiary company, with access to centralised resources and capabilities courtesy of a novel corporate structure developed in conjunction with Dr Andrew Lo of MIT’s Sloan School of Management.