BRIDGEBIO PHARMA, INC.

(BBIO)
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BridgeBio Inks BBP-398 License With Bristol Myers

05/12/2022 | 06:07am EDT

By Colin Kellaher


BridgeBio Pharma Inc. on Thursday said it signed an exclusive license agreement potentially worth more than $900 million with Bristol Myers Squibb Co. to develop and commercialize BridgeBio's BBP-398 small-molecular inhibitor in oncology.

BridgeBio, a Palo Alto, Calif., biopharmaceutical company, said it will receive an upfront payment of $90 million and will be eligible for up to $815 million in development, regulatory and sales milestone payments, along with royalties on sales.

BridgeBio said the new agreement expands a 2021 agreement with Bristol Myers to evaluate the combination of BBP-398 with the New York biopharmaceutical company's blockbuster cancer drug Opdivo in patients with advanced solid tumors with KRAS mutations.

BridgeBio said it will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials, while Bristol Myers leads and funds all other development and commercial activities.

BridgeBio earlier this year said it would evaluate BBP-398 in combination with Amgen Inc.'s cancer drug Lumakras in patients with advanced solid tumors with the KRAS G12C mutation.

Shares of BridgeBio, which closed Wednesday at $5.21, rose 9% in premarket trading Thursday.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

05-12-22 0807ET

Stocks mentioned in the article
ChangeLast1st jan.
AMGEN INC. -0.63% 244.01 Delayed Quote.9.15%
BRIDGEBIO PHARMA, INC. 4.44% 10.355 Delayed Quote.-40.53%
BRISTOL-MYERS SQUIBB COMPANY -2.41% 74.98 Delayed Quote.23.24%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.51% 777.25 End-of-day quote.31.02%
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Financials (USD)
Sales 2022 94,3 M - -
Net income 2022 -550 M - -
Net Debt 2022 1 121 M - -
P/E ratio 2022 -2,71x
Yield 2022 -
Capitalization 1 465 M 1 465 M -
EV / Sales 2022 27,4x
EV / Sales 2023 36,9x
Nbr of Employees 577
Free-Float 66,3%
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Number of Analysts 10
Last Close Price 9,92 $
Average target price 23,30 $
Spread / Average Target 135%
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Managers and Directors
Neil Kumar Chief Executive Officer & Director
Brian C. Stephenson Chief Financial Officer & Secretary
Uma Sinha Chief Scientific Officer
Richard H. Scheller Director, Chairman-Research & Development
Christine E. Siu Chief Operating Officer
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