Goodwin’s Life Sciences Capital Markets team advised BridgeBio Pharma, Inc. (Nasdaq: BBIO) on its offering of 2.25% Convertible Senior Notes due 2029. The deal initially launched at $400 million, but was upsized to $650 million, plus the full exercise of the initial purchasers’ option to purchase an additional $97.5 million of notes. The initial conversion price of the notes featured a premium of 47.5% up from the reference price of $65.79. BridgeBio used approximately $50 million of the net proceeds from the offering to repurchase shares of its common stock concurrently with the closing of the offering. Additionally, BridgeBio entered into capped call transactions which mitigates equity dilution and/or offsets payments due upon conversion of the notes and effectively raises the conversion price of the notes to approximately $131.58 per share, a 100% premium over the reference price.
BridgeBio Pharma Inc. was established to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio’s pipeline of programs spans early discovery to late-stage development.
Goodwin’s product team included Jim Barri, John Servidio, Tiffany Williamson, and Benjamin Drai. Goodwin’s corporate team included Mitch Bloom, Maggie Wong, Natalie Martirossian and Kyrsten Keith. Dan Karelitz provided tax advice.
For more information, please see BridgeBio’s pricing press release for the offering.