InvestmentJul 1, 2026, 07:31 AM
BridgeBio Secures $1B Preferred Equity Investment
AI Summary
BridgeBio Pharma, Inc. announced it has secured up to $1 billion in convertible preferred equity investment, led by Sixth Street with participation from HealthCare Royalty, a business of KKR. The financing, featuring an initial conversion price of $137.79 per share (over 100% premium to VWAP) and a 7.00% dividend, significantly strengthens the company's balance sheet. This capital infusion will support the continued growth of Attruby® and fund three additional potential blockbuster U.S. product launches over the next 12 months.
Key Highlights
- BridgeBio secured up to $1 billion in newly issued convertible preferred equity.
- Sixth Street led the investment with $800 million, and HealthCare Royalty (KKR) contributed $133.9 million.
- The Series A Cumulative Convertible Participating Preferred Stock has an initial 7.00% dividend.
- Initial conversion price is $137.79 per share, over 100% premium to the 30-day VWAP.
- The conversion price increases to $153.10 per share (over 125% premium) from the fifth anniversary.
- Financing strengthens the balance sheet and enables capital allocation to high-return opportunities.
- Funds will support the growth of Attruby® and three potential U.S. product launches in 12 months.
Price Impact
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