BridgeBio Pharma Inc. (BBIO), a biotech company specializing in treatments for genetic diseases and cancers, experienced a 3.8% surge in its stock price during premarket trade on Monday. This increase comes after the company revealed its plans for a $250 million private investment in public equity (PIPE) offering, led by the Qatari sovereign fund.
A total of 9.2 million shares were offered at the closing price of $27.27 per share on Friday. Notably, four prominent investment management companies in the U.S., along with several significant institutional and existing investors, participated in this equity offering.
In their official statement, BridgeBio stated that this targeted and strategic raise aims to attract new long-term shareholders to support the company's growth. Furthermore, BridgeBio is actively exploring additional strategic options to further fund its business operations.
TD Cowen, Mizuho, and KKR Capital Markets acted as joint placement agents for this deal. With a year-to-date gain of 258%, BridgeBio's stock continues to outperform the market as the S&P 500 has only gained 12.5%.
For more information about BridgeBio Pharma Inc.'s recent success, be sure to check out their exciting news regarding the positive results from a late-stage trial of ATTR-CM treatment.