Jun. 30 at 6:48 PM
Raymond James reiterated
$BBIO Outperform-
$57 and said, "On Monday, BridgeBio announced that they sold a portion of their acoramidis (Attruby U.S./Beyontra ex-U.S.) royalties from Bayer in European territories to HCRx and Blue Owl for
$300M."
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Raymond James added, "Cash burn and risk of dilution has been an overhang for the company, and the
$300M cash infusion, by our model, helps bridge the company into at least 2027, during which we think acoramidis sales will be rapidly inflecting upward. Recall during March 2024 BridgeBio licensed acoramidis in Europe to Bayer in exchange for upfront/milestone payments and royalty rate in the low 30s as a percentage of net sales. Based on our constructive view of the Attruby launch we make no change to our Outperform rating."