Press Release May 13, 2022

BridgeBio Announces Exclusive License Agreement with Bristol Myers Squibb for up to $905 Million and Sale of Rare Pediatric Disease Priority Review Voucher for $110 Million

The Life Sciences team advised BridgeBio Pharma, Inc. (Nasdaq: BBIO) on its exclusive license agreement wit Bristol Myers Squibb to develop and commercialize BBP-398, a potentially best-in-class SHP2 inhibitor, in oncology. The team also advised BridgeBio on its definitive agreement with an undisclosed purchaser to sell its rare pediatric disease Priority Review Voucher for $110 million.

BridgeBio is a commercial-stage biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers.

BBP-398 is a SHP2 inhibitor that is being developed for difficult-to-treat cancers and was founded through a collaboration with The University of Texas MD Anderson Cancer Center’s Therapeutics Discovery division.

Under the terms of the license agreement, BridgeBio will receive an upfront payment of $90 million, up to $815 million in development, regulatory and sales milestone payments, and tiered royalties in the low- to mid-teens. BridgeBio will retain the option to acquire higher royalties in the United States in connection with funding a portion of development costs upon the initiation of registrational studies. BridgeBio will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials. Bristol Myers Squibb will lead and fund all other development and commercial activities.

BridgeBio received the PRV voucher in February 2021 under a U.S. Food and Drug Administration program intended to encourage the development of treatments for rare pediatric diseases. BridgeBio was awarded the voucher when its affiliate, Origin Biosciences Inc., received approval of NULIBRY™ (fosdenopterin) for injection as the first therapy to reduce the risk of mortality in patients with molybdenum cofactor deficiency (MoCD) Type A.

The Goodwin team advising BridgeBio on the license agreement was led by Noelle Dubiansky, and included Emily Beman, Adam Bellack, Alexandra Haas, Robby Frederickson, Can Cui, Steve Tjoe, Sarah Wicks, Dan Karelitz, Felix Krueger, Paul Jin, and Federica De Santis.

The Goodwin team advising BridgeBio on the PRV sale was led by Kim Maruncic, and included Maggie Wong, Alex Varond, Arman Oruc, and Simone Waterbury.

For more details, read the press releases on the license agreement and PRV sale, and articles in Endpoints, Fierce Biotech, and BioSpace.