BridgeBio Pharma Agrees To Sell Up To $1B Of Convertible Preferred Stock To Sixth Street And KKR's HealthCare Royalty

BridgeBio Pharma, Inc. (NASDAQ: BBIO ) ("BridgeBio" or the "Company"), a commercial-stage, multi-product biopharmaceutical company focused on developing medicines for genetic conditions, today announced that it has entered into an agreement with funds managed by Sixth Street ("Sixth Street") and funds managed by HealthCare Royalty, a business of KKR ("HCRx" and, together with Sixth Street, the "Purchasers") under which the Purchasers have invested up to $1 billion in newly issued convertible preferred equity of the Company. The Series A Cumulative Convertible Participating Preferred Stock has the following principal terms: 7.00% initial dividend, payable in kind or in cash at the Company’s election Initial conversion price of $137.79 per share (more than 100% premium to BridgeBio’s 30-day volume-weighted average price), increasing to $153.10 per share (more than 125% premium) from the...