The Next Roivant Or Fortress? BridgeBio Raises $135m To Spin Out New Companies
BridgeBio's hub-and-spoke model is similar to the Roivant and Fortress strategies, but with a focus on drug candidates for genetic diseases in need of a bridge to future funding.
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Former Novartis CEO Jimenez co-founded Aditum with former NIBR president Mark Fishman; they raised $133m and are launching Tempero Bio. Also, Atea, Galecto and SQZ went public along with one more health care SPAC, Royalty Pharma upped its Vertex royalty revenues and Mirati’s FOPO raised $926.3m.
The company already has more than 20 subsidiaries developing treatments for monogenic diseases and genetically defined cancers, but its deal-making pace has not slowed.
Is Eidos a goose that could lay a golden egg? BridgeBio wants to own it all, instead of two-thirds, in case its subsidiary's lead program in TTR amyloidosis succeeds in Phase III.