BridgeBio to Deploy Permanent Capital for ATTR-CM Commercialization

BridgeBio Pharma (BBIO) has secured up to $1 billion in convertible preferred stock financing from Sixth Street and KKR's healthcare royalty platform. Upon closing, $933.9 million will be received, representing permanent capital with a 7% annual dividend and potential dilution upon conversion into common stock. The funds will be allocated to expand sales of Transthyretin (TTR) stabilizer, ATTRUBY (Acoramidis), and to prepare for the potential launch of BBP-418, Encaleret, and Infigratinib, which are in Phase 3 clinical trials. Acoramidis received FDA approval on November 22, 2024, and European Union approval on February 10, 2025, and directly competes with Pfizer's (PFE) Vyndaqel and Vyndamax (Tafamidis) in the ATTR-CM market.

Private Capital Shifts to Late-Stage Clinical and Manufacturing

MeiraGTx Holdings (MGTX) has secured up to $400 million from Overland Capital, consisting of an initial $135 million, milestone payments contingent on clinical and regulatory achievements, and up to $25 million in equity investments. The funds will support the development of AAV2-hAQP1, which is in Phase 2 clinical trials, and Botaregene Sparopavovec, which is in Phase 3 clinical trials. Upon approval, the company will receive low single-digit percentage royalties on net sales. AdvanCell has secured $315 million in Series D funding to advance its Phase 2 Lu-212-based PSMA-targeted radioligand, ADVC001, through Phase 3 clinical trials and expand its manufacturing facilities. Novartis' (NVS) Pluvicto (Lutetium-177 vipivotide tetraxetan) is an approved standard of care for metastatic castration-resistant prostate cancer, making the efficacy and supply reliability of alpha-emitting radioligands key differentiators.

Erasca and Aberele Secure Development Funding Through Public Markets

Erasca (ERAS) has raised up to $632.5 million through a combination of an upsized offering and the exercise of the over-allotment option, at $17.50 per share, to support the development of ERAS-0015, a pan-RAS small molecule, and ERAS-4001, a pan-KRAS inhibitor, both of which are in Phase 1 clinical trials. Competitors include Amgen's (AMGN) Lumakras (Sotorasib), Bristol Myers Squibb's (BMY) Krazati (Adagrasib), and Revolution Medicines' (RVMD) Derasirap, with the breadth of RAS variant coverage and tolerability being key factors in valuation. Abere Therapeutics has entered into a definitive agreement for a full-stock merger with NextCure (NXTC) and a concurrent $320 million PIPE financing, and will trade under the ticker AVRX upon closing. Its lead asset, AVR-001, is a once-weekly oral IL-23 receptor antagonist in Phase 1b clinical trials, targeting Phase 2b and 3 clinical trials in psoriasis and ulcerative colitis, and will compete with injectable IL-23 antibodies such as AbbVie's Skyrizi (Risankizumab) and Takeda's Tremfya (Guselkumab).

Significant Investments in AI-Driven Discovery and IPF Candidates

Chai Discovery has secured $400 million in Series C funding, valuing the company at $3.8 billion, to expand its structure prediction and novel antibody and protein design platforms. Unlike asset-centric financing, the company is at a stage where it is validating the platform's ability to generate novel drug candidates through collaborations with Pfizer, Eli Lilly (LLY), Novartis (NVS), and Arcus Biosciences (ARGX). Calea Therapeutics, spun out of PureTech Health (PRTC), has secured $180 million to advance its oral anti-fibrotic agent, Dupirfenidone (LYT-100), in a head-to-head Phase 3 trial (SURPASS-IPF) against pirfenidone. The idiopathic pulmonary fibrosis (IPF) treatment landscape includes Esbriet (pirfenidone), Ofev (nintedanib), and Jubilum (nerdanatamab), which was approved by the FDA in 2025, making demonstration of superiority critical for market entry.