What's Going On With BridgeBio Pharma Stock On Monday?

Author: Vandana Singh | March 04, 2024 01:31pm

Monday, BridgeBio Pharma Inc (NASDAQ:BBIO) and Bayer AG (OTC:BAYRY) (OTC:BAYZF) announced a partnership wherein BridgeBio grants Bayer an exclusive license to commercialize acoramidis for ATTR-CM in Europe. 

In exchange, BridgeBio will receive up to $310 million, including upfront and near-term milestone payments and additional undisclosed sales milestones. 

BridgeBio will also receive royalties in a tiered structure beginning in the low-thirties percent on sales of acoramidis in Europe.

Related Content: Rare Disease Player BridgeBio Pharma’s Upside Potential Is Significant According to Citi Analyst – Here’s Why.

Acoramidis is an investigational, next-generation, orally-administered, highly potent small molecule stabilizer of transthyretin (TTR). 

The FDA has accepted BridgeBio’s NDA for acoramidis for the treatment of ATTR-CM with a PDUFA action date of November 29, 2024; additionally, the EMA has accepted the MAA for acoramidis with potential EU approval in 2025.

In July 2023, BridgeBio Pharma released results from ATTRibute-CM Phase 3 study of acoramidis in transthyretin amyloid cardiomyopathy (ATTR-CM). 

A highly statistically significant improvement in the primary endpoint (a hierarchical analysis prioritizing in order: all-cause mortality, then the frequency of cardiovascular-related hospitalization, then change from baseline in NT-proBNP, then change from baseline in 6-minute walk distance) demonstrated by a Win Ratio of 1.8.

On-treatment survival rate of 81% versus placebo survival rate of 74% (absolute risk reduction of 6.43%; relative risk reduction of 25%).

During the early trading session, BridgeBio Pharma stock traded higher and reached as high as $36.67.

Price Action: BBIO shares are down 7.77% at $32.86 on the last check Monday.

Posted In: BAYRY BAYZF BBIO