BridgeBio Continues Long Term Debt Management Strategy and Announces Proposed Offering of Convertible Senior Notes due 2033 to Prefund Repayment of Convertible Senior Notes due 2027

Rhea-AI Summary

BridgeBio (Nasdaq: BBIO) intends to offer $550 million aggregate principal amount of convertible senior notes due 2033, with an initial purchaser option for an additional $82.5 million. The company plans to use net proceeds to repurchase, settle conversion obligations in respect of, or repay a portion of its 2.50% convertible senior notes due 2027 and for general corporate purposes. The notes will bear interest semi-annually, mature on February 1, 2033, and may be convertible into cash, shares or a combination, with conversion and redemption terms determined at pricing. The company also intends to use up to $82.5 million cash to repurchase common shares concurrently with pricing.

Positive

• $550M proposed 2033 convertible notes offering
• Initial purchaser option adds $82.5M potential capacity
• Proceeds aimed to prefund repayment of 2027 notes
• Up to $82.5M cash earmarked for share repurchases

Negative

• Final terms (rate, conversion) undecided at pricing
• No assurance any portion of 2027 notes will be repurchased
• Convertible conversion could lead to shareholder dilution
• Notes are unsecured and structurally junior to subsidiaries' debt

News Market Reaction

-2.11%

1 alert

-2.11% News Effect

On the day this news was published, BBIO declined 2.11%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

New convertible notes: $550 million Purchasers’ option: $82.5 million Existing notes coupon: 2.50% +5 more

8 metrics

New convertible notes $550 million Aggregate principal amount of notes due 2033

Purchasers’ option $82.5 million Additional principal amount of notes option

Existing notes coupon 2.50% Coupon on convertible senior notes due 2027

Share repurchase cash $82.5 million Cash on hand earmarked for concurrent share repurchases

Attruby Q4 2025 revenue $146.0M Preliminary unaudited Q4 2025 Attruby revenue

Attruby FY 2025 revenue $362.4M Preliminary unaudited FY 2025 Attruby revenue

Cash & equivalents $587.5M Cash and equivalents as of Dec 31, 2025

Conversion trigger premium 130% Common stock price threshold vs conversion price for redemption

Market Reality Check

Price: $79.91 Vol: Volume 2,435,180 is 1.09x...

normal vol

$79.91 Last Close

Volume Volume 2,435,180 is 1.09x the 20-day average of 2,229,610 shares. normal

Technical Trading above 200-day MA with price 79.15 vs 51.27 200-day MA and within 1% of 52-week high 79.8799.

Peers on Argus

BBIO is up 2.95% while close peers show mixed moves: BMRN -4.53%, IONS -3.36%, E...

BBIO is up 2.95% while close peers show mixed moves: BMRN -4.53%, IONS -3.36%, EXEL +0.05%, ASND +3.39%, SMMT -2.04%, indicating stock-specific dynamics around the offering.

Historical Context

5 past events · Latest: Jan 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Business update	Positive	-0.5%	Preliminary Attruby revenue, pipeline and 2026 milestone update.
Jan 05	Conference participation	Neutral	-6.2%	J.P. Morgan Healthcare Conference presentation announcement.
Jan 02	Investor webinar	Positive	+2.3%	Achondroplasia webinar and PROPEL 3 topline timing.
Dec 22	Equity grants	Neutral	-0.9%	Inducement RSU grants to new employees under listing rule.
Nov 25	Investor conferences	Neutral	-0.5%	Participation in December healthcare investor conferences.

Pattern Detected

Recent BBIO news often led to modest downside or muted reactions, including a slight decline after a fundamentally positive business update, suggesting a tendency toward cautious trading around announcements.

Recent Company History

Over the last few months, BridgeBio has highlighted commercial traction and pipeline progress, including preliminary Q4 2025 Attruby revenue of $146.0M and FY 2025 revenue of $362.4M, plus cash and equivalents of $587.5M as of Dec 31, 2025. Other updates focused on conferences, investor events, and routine inducement grants. Price reactions to these items were generally small, with one modest decline following the JPM update, framing today’s balance‑sheet focused convertible note offering against a backdrop of steady operational news and limited volatility after prior catalysts.

Market Pulse Summary

This announcement outlines a capital structure move where BridgeBio plans to issue $550 million of c...

Analysis

This announcement outlines a capital structure move where BridgeBio plans to issue $550 million of convertible senior notes due 2033, with an additional $82.5 million option, to help address its 2.50% convertible notes due 2027 and fund general corporate purposes. The company also expects to use up to $82.5 million of cash for concurrent share repurchases. Against prior disclosures of $587.5M in cash and growing Attruby revenue, investors may track final note terms, conversion mechanics, and progress on retiring the 2027 notes.

Key Terms

convertible senior notes, Rule 144A, senior unsecured obligations, Nasdaq Global Select Market

4 terms

convertible senior notes financial

"BridgeBio ... intends to offer ... $550 million aggregate principal amount of convertible senior notes due 2033"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

Rule 144A regulatory

"in a private offering ... to qualified institutional buyers pursuant to Rule 144A under the Securities Act"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

senior unsecured obligations financial

"the notes will be the Company’s senior unsecured obligations and will rank senior in right of payment"

Senior unsecured obligations are loans or bonds that a company promises to pay back with its own money, but without any special guarantees or collateral. If the company runs into financial trouble, these debts are paid after other debts with priority, meaning they are less protected but still important. They matter because they show how risky it is to lend money to a company.

Nasdaq Global Select Market financial

"last reported sale price per share of its common stock on the Nasdaq Global Select Market"

A Nasdaq Global Select Market listing is the highest tier of stocks on the Nasdaq exchange, reserved for companies that meet the strictest financial, reporting and governance standards. For investors, it acts like a premium quality label—signaling larger, more transparent and better-governed companies that tend to offer greater liquidity and lower perceived risk compared with lower-tier listings, making it easier to buy, sell and evaluate shares.

AI-generated analysis. Not financial advice.

-- The transaction is intended to strengthen the balance sheet, lower interest expense, reduce dilution, and significantly extend debt maturity

PALO ALTO, Calif., Jan. 14, 2026 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (the “Company,” “we” or “BridgeBio”), a new type of biopharmaceutical company focused on genetic diseases, announced today that it intends to offer, subject to market conditions and other factors, $550 million aggregate principal amount of convertible senior notes due 2033 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the offering, the Company expects to grant the initial purchasers an option to purchase up to an additional $82.5 million aggregate principal amount of notes.

The Company intends to use the net proceeds from the offering to repurchase, settle future conversion obligations in respect of or repay at maturity a portion of the Company’s 2.50% convertible senior notes due 2027 (the “2027 notes”) on or before the maturity date of the 2027 notes and for general corporate purposes, which may include working capital, capital expenditures and/or debt repayment. No assurance can be given as to how much, if any, of the 2027 notes will be repurchased with the net proceeds from the offering, the terms on which they will be repurchased or the timing of any such repurchases. This press release does not constitute an offer to purchase the 2027 notes.

The Company intends to use up to $82.5 million of cash on hand to repurchase shares of its common stock from certain purchasers of the notes in privately negotiated transactions effected through one or more of the initial purchasers or an affiliate thereof concurrently with the pricing of the notes (such transactions, the “share repurchases”). The Company expects the purchase price per share of its common stock in the share repurchases to equal the last reported sale price per share of its common stock on the Nasdaq Global Select Market as of the date of the pricing of the notes. The share repurchases could increase (or reduce the size of any decrease in) the market price of the Company’s common stock prior to, concurrently with or shortly after the pricing of the notes, and could result in a higher effective conversion price for the notes. The Company cannot predict the magnitude of such market activity or the overall effect it will have on the market price of the notes and/or the market price of the Company’s common stock.

The final terms of the notes, including the initial conversion rate, interest rate and certain other terms, will be determined at the time of pricing. The notes will bear interest semi-annually and will mature on February 1, 2033, unless earlier converted, redeemed or repurchased. Prior to November 1, 2032, the notes will be convertible only upon satisfaction of certain conditions and during certain periods. Thereafter, the notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The notes will be convertible at the option of the holders, subject to certain conditions and during certain periods, into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, with the form of consideration determined at the Company’s election.

The Company may not redeem the notes prior to February 6, 2030. On or after February 6, 2030 and on or before the 21st scheduled trading day immediately before the maturity date of the notes, the Company may redeem for cash all or any portion of the notes, at its option at any time, and from time to time, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Holders of the notes will have the right to require the Company to repurchase all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of certain events.

When issued, the notes will be the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s unsecured indebtedness that is expressly subordinated in right of payment to the notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness and obligations, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

The notes and the shares of common stock issuable upon conversion of the notes, if any, are not being registered under the Securities Act, or the securities laws of any other jurisdiction. The notes and the shares of common stock issuable upon conversion of the notes, if any, may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and any applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About BridgeBio
BridgeBio Pharma, Inc. (BridgeBio; Nasdaq: BBIO) is a new type of biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible.

Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “remains,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements, including statements relating to whether we will issue the notes, the terms of the notes, any potential repayments of our 2027 notes and the potential impact to pro forma interest expense and pro forma dilution, the anticipated use of the net proceeds from the offering and the expectations regarding the effect of the share repurchases, reflect our current views about our plans, intentions, expectations and strategies, which are based on the information currently available to us and on assumptions we have made.

Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 and our other filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

BridgeBio Media Contact:
Bubba Murarka, Executive Vice President
contact@bridgebio.com
(650)-789-8220

BridgeBio Investor Contact:
Chinmay Shukla, Senior Vice President, Strategic Finance
ir@bridgebio.com

FAQ

What size convertible note offering did BridgeBio (BBIO) announce on January 14, 2026?

BridgeBio announced a proposed offering of $550 million of convertible senior notes due 2033, with an option for an additional $82.5 million.

How does BridgeBio (BBIO) plan to use proceeds from the 2033 notes offering?

The company intends to use net proceeds to repurchase, settle conversion obligations in respect of, or repay a portion of its 2.50% notes due 2027 and for general corporate purposes.

Will BridgeBio (BBIO) repurchase common stock alongside the notes pricing?

Yes; the company intends to use up to $82.5 million of cash to repurchase common shares from certain purchasers concurrently with the notes pricing.

When do the proposed BridgeBio (BBIO) notes mature and how often do they pay interest?

The notes would mature on February 1, 2033 and bear interest semi-annually.

Into what can the BridgeBio (BBIO) 2033 notes convert?

Holders may convert the notes, subject to conditions, into cash, shares of common stock, or a combination, with the form set by the company.

Are the BridgeBio (BBIO) 2033 notes registered for public sale in the U.S.?

No; the notes and any shares issuable on conversion are not being registered under the Securities Act and will be offered in exempt transactions.