Busy deal-making days for BridgeBio
California, USA-based biotech BridgeBio Pharma (Nasdaq: BBIO) has had a busy couple of days, first signing a mega-million-dollar deal with Bristol Myers Squibb (NYSE: BMY) and then selling a priority voucher, with the news sending its shares up more than 14% on Thursday and a further 3.9% to $6.17 pre-market today.
Following up on a 2021 collaboration with the US pharma major, on Thursday BridgeBio has now signed an exclusive license with Bristol Myers Squibb to develop and commercialize BBP-398, a potentially best-in-class SHP2 inhibitor, in oncology.
Under the terms of the agreement, BridgeBio will receive an upfront payment of $90 million, up to $815 million in development, regulatory and sales milestone payments, and tiered royalties in the low- to mid-teens. BridgeBio will retain the option to acquire higher royalties in the USA in connection with funding a portion of development costs on the initiation of registrational studies.
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