BridgeBio Prices Offering of $550 Million Convertible Senior Notes due 2033 to Prefund Repayment of Convertible Senior Notes due 2027

Rhea-AI Summary

BridgeBio (Nasdaq: BBIO) priced $550 million of 0.75% convertible senior notes due Feb 1, 2033, with an initial purchaser option for an additional $82.5 million. The company estimates net proceeds of approximately $538.4 million (or ~$619.3 million if the option is exercised) and expects to close on Jan 21, 2026. The notes carry an initial conversion rate of 9.0435 shares per $1,000 (≈$110.58 per share), a ~45% premium to the $76.26 last sale price on Jan 15, 2026. BridgeBio intends to use proceeds to prefund repurchase or repayment of its 2.50% notes due 2027 and for general corporate purposes, and concurrently agreed to repurchase ~1.1 million shares for ~$82.5 million.

Positive

• Raises $550M in convertible notes due 2033
• Very low coupon at 0.75% reduces interest expense
• Conversion price ≈ $110.58 per share (45% premium)

Negative

• Share repurchase uses $82.5M of cash on hand
• Potential future dilution if notes convert into equity
• Uncertain amount/timing for repurchase of 2027 notes

News Market Reaction

%

1 alert

% News Effect

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

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Convertible notes size: $550 million Over-allotment option: $82.5 million Estimated net proceeds: $538.4 million +5 more

8 metrics

Convertible notes size $550 million Aggregate principal amount of 0.75% convertible senior notes due 2033

Over-allotment option $82.5 million Additional principal amount of notes available to initial purchasers

Estimated net proceeds $538.4 million Net proceeds if over-allotment not exercised

Estimated net proceeds (full option) $619.3 million Net proceeds if over-allotment option exercised in full

Coupon rate 0.75% per year Interest rate on convertible senior notes, paid semi-annually

Conversion premium 45% Premium over $76.26 last reported sale price on Jan 15, 2026

Conversion rate 9.0435 shares per $1,000 Initial conversion rate for the 2033 convertible senior notes

Share repurchase size $82.5 million for ~1.1M shares Repurchases from note purchasers at Jan 15, 2026 closing price

Market Reality Check

Price: $68.05 Vol: Volume 6,100,910 was 2.53...

high vol

$68.05 Last Close

Volume Volume 6,100,910 was 2.53x the 20-day average of 2,407,986 shares ahead of this offering news. high

Technical Trading above the 200-day MA of $51.69 with a pre-news close of $76.26.

Peers on Argus

BBIO fell 2.11% with elevated volume, while key biotech peers like BMRN (-2.06%)...

BBIO fell 2.11% with elevated volume, while key biotech peers like BMRN (-2.06%), IONS (-2.57%), ASND (-1.05%), EXEL (-0.18%) and SMMT (-2.15%) were also down, but the momentum scanner did not flag a coordinated sector move.

Historical Context

5 past events · Latest: Jan 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	JPM progress update	Positive	-0.5%	Strong preliminary Attruby revenue and multiple late-stage pipeline updates.
Jan 05	Conference participation	Neutral	-6.2%	Announcement of CEO presentation at J.P. Morgan Healthcare Conference.
Jan 02	Investor webinar	Neutral	+2.3%	Achondroplasia webinar and PROPEL 3 topline timing reminder.
Dec 22	Inducement grants	Neutral	-0.9%	Inducement RSU grants totaling 29,472 shares to new employees.
Nov 25	Investor conferences	Neutral	-0.5%	December fireside chat participation at two healthcare conferences.

Pattern Detected

Recent news has often been followed by flat-to-negative moves, including a sell-off after positive JPM clinical and commercial updates.

Recent Company History

Over the last few months, BridgeBio issued mainly operational and investor-relations updates. At the Jan 12, 2026 JPM conference, it highlighted $146.0M in preliminary Q4 2025 Attruby revenue and $587.5M in cash and equivalents, yet shares slipped modestly. Conference and webinar announcements on Jan 5 and Jan 2 saw mixed reactions. Routine inducement grants on Dec 22, 2025 and conference participation news on Nov 25, 2025 also coincided with small declines, suggesting the stock has frequently traded soft around news flow.

Market Pulse Summary

This announcement details a $550 million 0.75% convertible notes deal due 2033, with an additional $...

Analysis

This announcement details a $550 million 0.75% convertible notes deal due 2033, with an additional $82.5 million option and a 45% conversion premium over the $76.26 share price. Net proceeds of $538.4–$619.3 million are earmarked primarily to address the 2.50% 2027 notes and for general purposes, alongside an $82.5 million repurchase of about 1.1 million shares. Investors may track execution of the 2027-notes strategy, timing of any further repurchases, and the impact of the new capital structure on future financing flexibility.

Key Terms

convertible senior notes, rule 144a, nasdaq global select market, senior unsecured obligations, +1 more

5 terms

convertible senior notes financial

"pricing of $550 million aggregate principal amount of 0.75% 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.

nasdaq global select market technical

"last reported sale price of the common stock on the Nasdaq Global Select Market on January 15, 2026"

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.

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.

restricted securities regulatory

"may not be offered or sold in the United States except in transactions exempt from ... the registration requirements"

Restricted securities are shares or other investment instruments that come with legal or contractual limits on when and how they can be sold, like stock given to founders or bought in a private offering. Think of them as assets in a locked box that can’t be freely traded until certain conditions — such as a waiting period, company registration, or specific approvals — are met. For investors this matters because restricted securities are less liquid and can affect timing, price, and perceived value when they eventually enter the market.

AI-generated analysis. Not financial advice.

• The transaction is part of our strategy to lower interest expense, reduce dilution, and significantly extend debt maturity
• Offering priced at 0.75% interest rate and 45% conversion premium
  
  

PALO ALTO, Calif., Jan. 15, 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 the pricing of $550 million aggregate principal amount of 0.75% 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 granted the initial purchasers an option to purchase up to an additional $82.5 million aggregate principal amount of notes. The sale of the notes is expected to close on January 21, 2026, subject to customary closing conditions.

The Company estimates that the net proceeds from the sale of the notes will be approximately $538.4 million (or approximately $619.3 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company.

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 approximately $82.5 million of cash on hand to repurchase approximately 1.1 million shares of its common stock from certain purchasers of the notes in privately negotiated transactions effected through one of the initial purchasers or an affiliate thereof and entered into concurrently with the pricing of the notes, at a price per share equal to the last reported sale price of the common stock on the Nasdaq Global Select Market on January 15, 2026 (such transactions, the “share repurchases”). 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 may have resulted in a higher initial 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 notes will bear interest at a rate of 0.75% per year, payable semi-annually in arrears on February 1 and August 1 of each year, beginning August 1, 2026. The notes 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 conversion rate will initially be 9.0435 shares of the Company’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $110.58 per share of the Company’s common stock). The initial conversion price of the notes represents a premium of approximately 45% over the last reported sale price of the Company’s common stock the Nasdaq Global Select Market of $76.26 per share on January 15, 2026.

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 has been at least 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, 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

Source: BridgeBio Pharma, Inc.

FAQ

What did BridgeBio (BBIO) price on January 16, 2026?

BridgeBio priced $550 million of 0.75% convertible senior notes due 2033, with an $82.5M overallotment option.

What is the initial conversion price and premium for BBIO notes?

Initial conversion rate is 9.0435 shares per $1,000 (≈$110.58 per share), ~45% premium to the $76.26 last sale price on Jan 15, 2026.

How does BridgeBio intend to use the net proceeds from the offering?

Proceeds are intended to prefund repurchase or repayment of its 2.50% notes due 2027 and for general corporate purposes.

When is the offering expected to close for BBIO convertible notes?

The company expects the sale to close on or about Jan 21, 2026, subject to customary closing conditions.

Did BridgeBio conduct any concurrent share repurchases with the offering?

Yes. BridgeBio plans to use about $82.5M to repurchase approximately 1.1 million shares from certain note purchasers at the Jan 15, 2026 last sale price.