BridgeBio Raises $575 Million Through Convertible Notes Offering

Deal News | Mar 05, 2025 | Goodwin

BridgeBio Pharma, Inc., a biopharmaceutical company focused on developing transformative medicines for genetic diseases, has successfully priced a $575 million offering of 1.75% Convertible Senior Notes due in 2031. The offering, initially priced at $500 million, involved a significant premium on the conversion price, set 45% above the reference price of $34.35. The financial advisory was conducted by Goodwin's Life Sciences Capital Markets team, which facilitated the issuance and exercised an initial purchaser's option to buy an additional $75 million of notes. The proceeds from this offering were strategically used by BridgeBio to buy back common stock and reduce outstanding debt, marking a significant financial maneuver in the company's short history since its founding in 2015.

Sectors

  • Biopharmaceutical
  • Finance

Geography

  • United States – BridgeBio Pharma is a U.S.-based company and the transaction was likely arranged within the U.S.

Industry

  • Biopharmaceutical – BridgeBio Pharma operates in the biopharmaceutical industry, focusing on developing drugs for genetic diseases.
  • Finance – The article discusses a financial transaction involving convertible notes, relevant to the finance industry.

Financials

  • $575 million – Total proceeds from the convertible notes offering.
  • 1.75% – Interest rate of the Convertible Senior Notes.
  • 45% – Premium on the initial conversion price of the notes over the reference price.

Participants

NameRoleTypeDescription
BridgeBio Pharma, Inc.Target CompanyCompanyA biopharmaceutical company developing transformative medicines for genetic diseases.
GoodwinLegal AdvisorCompanyProvided legal advice for the offering of convertible notes.
Jim Barri, Kim de Glossop, Nikki Miller, Maggie Wong, Natalie T. Martirossian, Alicia Tschirhart, Claire Treesh, Amanda Rae Schwarzenbart, Dan Liu, Harper Vincent, Dan Karelitz, Garrett GaughanLegal and Tax AdvisorsPeopleLegal and tax team at Goodwin overseeing the transaction.