BridgeBio Raises $934M in 7% Preferred Eight Weeks After Buyback Authorization
Capital Strategy Shift
Company Background
BridgeBio Pharma is a Palo Alto-based commercial-stage biopharmaceutical company focused on genetic diseases. Its first approved product, Attruby (acoramidis), a transthyretin stabilizer for ATTR-CM, launched in the United States in November 2024 and generated $180.6 million in net product revenue in the first quarter of 2026 alone. Total revenues for full-year 2025 came to $502.1 million, nearly all of it from Attruby's rapid ramp.
Three additional drugs — BBP-418 for a rare muscular dystrophy (LGMD2I/R9), encaleret for a genetic calcium disorder (ADH1), and infigratinib for achondroplasia — each completed positive Phase 3 trials between October 2025 and February 2026, with NDAs submitted or planned for all three. The company is building commercial teams for each launch simultaneously. Cash stood at $940.2 million as of March 31, 2026, but operating cash burn was approximately $197 million in that quarter, and the balance sheet carries more than $2.4 billion in convertible notes across four tranches maturing between 2027 and 2033, alongside $871 million in deferred royalty obligations.
What Was Disclosed
BridgeBio sold 933,900 shares of newly created Series A Cumulative Convertible Participating Preferred Stock at $1,000 per share, raising $933.9 million in aggregate. Sixth Street, acting through Chinotto Investments LLC, provided $800 million, while HealthCare Royalty — a business majority-owned by KKR — provided the remaining $133.9 million through HCRx Investments HoldCo LP. The Investment Agreement also gives Sixth Street an option to invest up to an additional $66.1 million on the same terms, subject to board approval.