BridgeBio Raises $300 Million Through Partial Capped Monetization of BEYONTTRA® European Royalty
BridgeBio Pharma (Nasdaq: BBIO) has secured a $300 million upfront payment through a partial monetization of European royalties for BEYONTTRA®, their ATTR-CM treatment. The deal involves selling 60% of royalties on the first $500 million of annual BEYONTTRA European sales to HealthCare Royalty and Blue Owl Capital, with payments capped at 1.45x.
The transaction builds upon BridgeBio's existing partnership with Bayer Consumer Care AG, from which they've already received $210 million in upfront and regulatory milestones, with an additional $75 million in near-term milestone payments expected. The Bayer agreement includes tiered royalties starting in the low-30% range on European net sales.
Clinical data from the ATTRibute-CM study showed significant efficacy, including a 42% reduction in composite ACM and recurrent CVH events at Month 30, and a 50% reduction in cumulative CVH events. The drug is now approved as Attruby in the U.S. and as BEYONTTRA in Europe, Japan, and the UK.
[ "Secured $300 million immediate non-dilutive capital through royalty monetization", "Already received $210 million in upfront and regulatory milestones from Bayer partnership", "Additional $75 million in near-term milestone payments expected", "Clinical trials showed 42% reduction in composite ACM and CVH events", "Achieved 50% reduction in cumulative CVH events in Phase 3 study", "Obtained regulatory approvals across major markets (US, Europe, Japan, UK)", "Structured deal preserves upside potential with 1.45x payment cap" ]BridgeBio Pharma (Nasdaq: BBIO) ha ottenuto un pagamento anticipato di 300 milioni di dollari grazie a una monetizzazione parziale delle royalty europee per BEYONTTRA®, il loro trattamento per ATTR-CM. L'accordo prevede la vendita del 60% delle royalty sui primi 500 milioni di dollari di vendite annue di BEYONTTRA in Europa a HealthCare Royalty e Blue Owl Capital, con pagamenti limitati a 1,45 volte.
La transazione si basa sulla partnership esistente di BridgeBio con Bayer Consumer Care AG, da cui ha già ricevuto 210 milioni di dollari in pagamenti anticipati e milestone regolatori, con ulteriori 75 milioni di dollari attesi a breve termine. L'accordo con Bayer prevede royalty a scaglioni che partono da circa il 30% sulle vendite nette europee.
I dati clinici dello studio ATTRibute-CM hanno mostrato un'efficacia significativa, inclusa una riduzione del 42% degli eventi compositi di ACM e CVH ricorrenti al mese 30, e una riduzione del 50% negli eventi cumulativi CVH. Il farmaco è ora approvato come Attruby negli Stati Uniti e come BEYONTTRA in Europa, Giappone e Regno Unito.
BridgeBio Pharma (Nasdaq: BBIO) ha asegurado un pago inicial de 300 millones de dólares mediante una monetización parcial de las regalías europeas de BEYONTTRA®, su tratamiento para ATTR-CM. El acuerdo implica la venta del 60% de las regalías sobre los primeros 500 millones de dólares en ventas anuales de BEYONTTRA en Europa a HealthCare Royalty y Blue Owl Capital, con pagos limitados a 1,45 veces.
La transacción se basa en la asociación existente de BridgeBio con Bayer Consumer Care AG, de la cual ya han recibido 210 millones de dólares en pagos iniciales y hitos regulatorios, y se esperan otros 75 millones de dólares en pagos de hitos a corto plazo. El acuerdo con Bayer incluye regalías escalonadas que comienzan en un rango bajo del 30% sobre las ventas netas europeas.
Los datos clínicos del estudio ATTRibute-CM mostraron una eficacia significativa, incluyendo una reducción del 42% en eventos compuestos de ACM y CVH recurrentes al mes 30, y una reducción del 50% en eventos acumulativos de CVH. El medicamento está aprobado como Attruby en EE. UU. y como BEYONTTRA en Europa, Japón y Reino Unido.
BridgeBio Pharma (나스닥: BBIO)는 ATTR-CM 치료제 BEYONTTRA®의 유럽 로열티 일부를 현금화하여 3억 달러 선불금을 확보했습니다. 이번 거래는 HealthCare Royalty와 Blue Owl Capital에 유럽 BEYONTTRA 연간 매출 5억 달러까지의 로열티 60%를 판매하는 것으로, 지급 한도는 1.45배로 설정되어 있습니다.
이 거래는 BridgeBio가 이미 Bayer Consumer Care AG와의 기존 파트너십을 기반으로 하며, 여기서 2억 1천만 달러의 선불금 및 규제 마일스톤을 받았고, 추가로 7,500만 달러의 단기 마일스톤 지급이 예상됩니다. Bayer 계약에는 유럽 순매출에 대해 30% 초반대의 단계별 로열티가 포함되어 있습니다.
ATTRibute-CM 연구의 임상 데이터는 30개월 시점에서 복합 ACM 및 재발성 CVH 사건이 42% 감소했으며 누적 CVH 사건은 50% 감소하는 등 유의미한 효능을 보여주었습니다. 이 약물은 미국에서는 Attruby로, 유럽, 일본, 영국에서는 BEYONTTRA로 승인받았습니다.
BridgeBio Pharma (Nasdaq : BBIO) a obtenu un paiement initial de 300 millions de dollars grâce à une monétisation partielle des redevances européennes pour BEYONTTRA®, leur traitement contre l'ATTR-CM. L'accord implique la cession de 60 % des redevances sur les premiers 500 millions de dollars de ventes annuelles de BEYONTTRA en Europe à HealthCare Royalty et Blue Owl Capital, avec un plafond de paiement fixé à 1,45 fois.
La transaction s'appuie sur le partenariat existant de BridgeBio avec Bayer Consumer Care AG, de laquelle ils ont déjà reçu 210 millions de dollars en paiements initiaux et jalons réglementaires, avec un supplément de 75 millions de dollars attendu à court terme. L'accord avec Bayer inclut des redevances échelonnées débutant dans une fourchette basse de 30 % sur les ventes nettes européennes.
Les données cliniques de l'étude ATTRibute-CM ont montré une efficacité significative, notamment une réduction de 42 % des événements composites ACM et CVH récurrents au mois 30, ainsi qu'une réduction de 50 % des événements CVH cumulatifs. Le médicament est désormais approuvé sous le nom d'Attruby aux États-Unis et sous celui de BEYONTTRA en Europe, au Japon et au Royaume-Uni.
BridgeBio Pharma (Nasdaq: BBIO) hat sich durch eine teilweise Monetarisierung der europäischen Lizenzgebühren für BEYONTTRA®, ihre Behandlung von ATTR-CM, eine Vorauszahlung von 300 Millionen US-Dollar gesichert. Der Deal umfasst den Verkauf von 60 % der Lizenzgebühren auf die ersten 500 Millionen US-Dollar Jahresumsatz von BEYONTTRA in Europa an HealthCare Royalty und Blue Owl Capital, mit einer Zahlungsobergrenze von 1,45-fach.
Die Transaktion baut auf der bestehenden Partnerschaft von BridgeBio mit Bayer Consumer Care AG auf, von der sie bereits 210 Millionen US-Dollar an Vorauszahlungen und regulatorischen Meilensteinen erhalten haben, mit weiteren 75 Millionen US-Dollar an kurzfristig erwarteten Meilensteinzahlungen. Der Bayer-Vertrag beinhaltet gestaffelte Lizenzgebühren, die im niedrigen 30%-Bereich auf den europäischen Nettoumsatz beginnen.
Klinische Daten aus der ATTRibute-CM-Studie zeigten eine signifikante Wirksamkeit, darunter eine 42%ige Reduktion der kombinierten ACM- und wiederkehrenden CVH-Ereignisse nach 30 Monaten sowie eine 50%ige Reduktion der kumulativen CVH-Ereignisse. Das Medikament ist nun als Attruby in den USA und als BEYONTTRA in Europa, Japan und Großbritannien zugelassen.
- None.
- Sold 60% of European royalty rights for first $500M annual sales
- Reduced future revenue potential from European market
Insights
BridgeBio's $300M royalty deal strengthens finances while preserving upside potential for BEYONTTRA's European commercialization.
BridgeBio's strategic
The financing structure reveals management's confidence in acoramidis' commercial potential. By receiving
This transaction addresses a critical need for biotechnology companies transitioning from development to commercialization—securing sufficient capital without excessive equity dilution. The partnership with sophisticated healthcare investors like HCRx and Blue Owl represents an external validation of acoramidis' market potential. The impressive Phase 3 clinical data showing
- BridgeBio has received a
$300 million upfront payment, strengthening the Company’s balance sheet, and supporting the launch of Attruby® and ongoing late-stage pipeline programs - Transaction monetizes
60% of BridgeBio’s European royalties on the first$500 million of annual BEYONTTRA net sales, with total payments to the investors subject to an initial cap of 1.45x - In the ATTRibute-CM study, acoramidis demonstrated the most rapid benefit seen in any Phase 3 study of ATTR-CM to date in both ATTRv-CM and ATTRwt-CM patients:
- In as few as 3 months, the time to first event (ACM or CVH) durably separated relative to placebo
- A
42% reduction in composite ACM and recurrent CVH events relative to placebo at Month 30 - A
50% reduction in the cumulative frequency of CVH events relative to placebo at Month 30
- Acoramidis is approved as Attruby by the U.S. FDA and is approved as BEYONTTRA by the European Commission, Japanese Pharmaceuticals and Medical Devices Agency and UK Medicines and Healthcare Products Regulatory Agency
PALO ALTO, Calif., June 30, 2025 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a new type of biopharmaceutical company focused on genetic diseases, today announced it has sold a portion of royalties due to the Company from sales of BEYONTTRA in Europe to HealthCare Royalty (“HCRx”) and funds managed by Blue Owl Capital (“Blue Owl”) for
“We’re excited to partner with HCRx and Blue Owl to strengthen our balance sheet in support of the launch of Attruby and our pipeline of first and best-in-class genetic medicines. This transaction preserves significant upside for our shareholders, with careful structuring that limits annual as well as total payments made to the royalty investors. This financing highlights the strong early start and large global potential of acoramidis,” said Chinmay Shukla, Senior Vice President of Strategic Finance at BridgeBio.
Clarke Futch, Chairman and Chief Executive Officer of HCRx commented:
“We have been following the progress of acoramidis for years and strongly believe in its potential to positively impact the lives of patients living with ATTR-CM. This investment exemplifies HCRx’s commitment to supporting innovation in the biopharmaceutical industry and we are pleased to collaborate with BridgeBio on this transaction.”
“We are pleased to continue our support of BridgeBio through this royalty monetization transaction,” said Sandip Agarwala, Managing Director and Head of Life Sciences at Blue Owl. “This investment reflects our confidence in BEYONTTRA commercial potential and our commitment to providing flexible capital solutions that help advance life-saving therapies.”
Under the terms of the agreement, BridgeBio has received
In March 2024, BridgeBio entered into an exclusive licensing agreement with Bayer Consumer Care AG to commercialize BEYONTTRA in Europe for the treatment for ATTR‑CM. To date, BridgeBio has received
Latham & Watkins LLP served as legal advisor to BridgeBio. Gibson, Dunn & Crutcher LLP served as legal advisor to HCRx and Blue Owl.
About BEYONTTRA
BEYONTTRA is an orally administered near-complete (≥
About Attruby™ (acoramidis)
INDICATION
Attruby is a transthyretin stabilizer indicated for the treatment of the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular death and cardiovascular-related hospitalization.
IMPORTANT SAFETY INFORMATION
Adverse Reactions
Diarrhea (
About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. (BridgeBio) 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. For more information visit bridgebio.com and follow us on LinkedIn, Twitter, Facebook, and YouTube.
About HealthCare Royalty
HealthCare Royalty (HCRx) is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical products. With offices in Stamford, Conn., San Francisco, Boston, London and Miami, HCRx has invested
About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®.
With
BridgeBio Pharma, Inc. 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 of 1933, as amended (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,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “potential,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. BridgeBio intends 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 regarding the potential commercial performance of BEYONTTRA in Europe and other global markets; the anticipated benefits of the royalty monetization agreement with HCRx and Blue Owl Capital; BridgeBio’s expectations for the launch and market uptake of Attruby and BEYONTTRA; the belief in acoramidis’ ability to positively impact the lives of patients with ATTR-CM; and the expected use of proceeds to support BridgeBio’s pipeline of genetic medicines, reflect BridgeBio’s current views about its plans, intentions, expectations, and strategies, which are based on information currently available and assumptions it has made. Although BridgeBio believes that its plans, intentions, expectations, and strategies as reflected in or suggested by these forward-looking statements are reasonable, it can give no assurance that such 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: BridgeBio’s dependence on third parties for development or commercialization activities; regulatory authorities requiring additional studies or data to support the continued or expanded commercialization of acoramidis; whether data and results meet applicable regulatory requirements or are sufficient for continued development, review, or approval; and whether other regulatory agencies agree with BridgeBio’s strategies or data interpretations. These risks also include impacts from global health emergencies, such as delays in regulatory reviews and other activities, manufacturing and supply chain interruptions, adverse effects on healthcare systems, and disruption of the global economy; and the impacts of macroeconomic and geopolitical events, including changing conditions from hostilities in Ukraine and in Israel and the Gaza Strip, increasing inflation rates, and fluctuating interest rates on BridgeBio’s operations and expectations. Additional risks are described in the “Risk Factors” section of BridgeBio’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. Moreover, BridgeBio operates in a highly competitive and rapidly evolving industry in which new risks may emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of BridgeBio’s 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 these statements. Except as required by applicable law, BridgeBio assumes no obligation to publicly update 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 VP Strategic Finance
ir@bridgebio.com
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