BBIO - BridgeBio jumps on report of takeover interest

2023-03-24 17:06:23 ET

BridgeBio Pharma rose 10% in regular trading and jumped another 14% in after hours on a report that the developer of treatments for genetic diseases is garnering takeover interest from big pharma companies.

Some large drug companies are evaluating a possible purchase of the Palo Alto, California-based biotech, according to a Bloomberg report, which cited people familiar. There's no certainty any deal will be reached and the company could decide to stay independent in order to benefit from upcoming drug trials.

BridgeBio ( NASDAQ: BBIO ) has a market cap of $2.2 billion.

On Thursday BrideBio ( BBIO ) shares gained 5.8% as it announced that the first patient with non-small cell lung cancer  was dosed in a phase 1/2 trial of BBP-398 with Bristol Myers Squibb's ( BMY ) Opdivo (nivolumab) to treat advanced solid tumors with KRAS mutations.

News of potential takeover interest in BridgeBio ( BBIO ) comes after the stock soared 52% on March 6 after announcing Phase 2 data for infigratinib, which is an investigational therapy for children with achondroplasia, the most common cause of disproportionate short stature.

BridgeBio Pharma ( BBIO ) short interest is 18%.

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