Jun. 30 at 3:13 PM
Citi reiterated
$BBIO Buy-
$58 and said, "BridgeBio today announced a partial monetization of royalties for the European sales of acoramidis (brand name Beyonttra in EU, aka Attruby in US)."
$OWL $BAYZF
$ALNY $PFE
ASND AZN
Citi added, "Under the terms of the agreement with HealthCare Royalty (HCRx) and Blue Owl Capital,
BridgeBio received a
$300M upfront payment that will be used for the continued US launch of Attruby and developing late stage R&D programs. In return, the company sold 60% of the royalties it is due to receive from exclusive European partner Bayer on the first
$500M of annual Beyonttra net sales.
Total payments will be capped at 1.45x, after which payments to HCRx and Blue Owl will cease.
Mgt said the deal helps to immediately strengthen its balance sheet while allowing the company to retain upside to Attruby sales, which we estimate will bring in
$43.6M in 2Q25."
