BridgeBio Pharma, a clinical-stage biopharma company focused on the development of drugs for genetic diseases, raised $299.2 million in a new funding round.
The California-based biopharma company said that it will utilize the proceeds from the funding round to support its ongoing drug and research and development programs and expand its efforts to accelerate development of drugs for patients with unmet needs.
The financing round was led by both the existing investors KKR, Viking Global Investors. It also involved other existing investors such as Perspective Advisors, AIG, Aisling Capital, Cormorant Capital, and Hercules Capital, who were joined by new investors in the form of Sequoia Capital and a blue chip long-term investor.
Dr. Neil Kumar – founder and CEO of BridgeBio Pharma said: “We are privileged to be working with investors who believe in our goal of creating medicines for patients with genetic disease. We are aware that many of these patients lack effective treatment options, and we take our mission to help them seriously.
“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 established in 2015 with an objective to develop genetically-targeted therapeutics to address the underlying causes of disease, based on new scientific discoveries and studies done by universities, academic medical centers, and pharma research groups.
The company’s portfolio is made up of more than 15 assets, which includes various products in the pre-clinical stages of development and also four programs in or nearing pivotal trials.
The portfolio assets of BridgeBio Pharma cover therapeutic areas such as genetic dermatology, oncology, endocrinology, cardiology, neurology, renal disease, and ophthalmology.
Some of the specific indications targeted by the company’s assets are Transthyretin amyloidosis (ATTR-CM and ATTR-PN), pantothenate kinase-associated neurodegeneration (PKAN), Gorlin syndrome and frequent basal cell carcinomas, dystrophic epidermolysis bullosa (DEB), Netherton syndrome, venous malformations, Canavan disease, Darier and Hailey-Hailey diseases, achondroplasia, Leber’s hereditary optic neuropathy, molybdenum cofactor deficiency Type A, and FGFR, SHP-2 and K-RAS-driven cancers.