BBIO - BridgeBio Pharma: Assessing Acoramidis' Market Opportunity Further Upside Potential Evident

2024-03-22 06:49:48 ET

Summary

• BridgeBio Pharma has submitted a New Drug Application (NDA) for acoramidis, a potential treatment for transthyretin amyloid cardiomyopathy (ATTR-CM), to the FDA and a Marketing Authorisation Application (MAA) to the EMA.
• The company has made deals with partners for revenue sharing, including with Bayer, to market and sell the drug in Europe with a >30% royalty share, and $1.25bn financing.
• Analysts have speculated that acoramidis could generate peak revenues of $1.8bn, although this may be conservative. Pfizer's Vyndamax/Vyndaqel earned nearly $4bn last year in the indication.
• With a large and diverse pipeline sitting behind its lead asset, multiple partners, and well-funded, I am anticipating an approval and successful launch of acoramidis, which ought to be share price accretive, perhaps significantly so.

Investment Overview - Background To Acoramidis Approval Shot

Palo Alto, California based BridgeBio Pharma ( BBIO ) joined the Nasdaq back in 2019 via one of the largest biotech IPOs of the year, which raised >$300m via the issuance of 20.5m shares priced at $17 per share. At the time, the company described itself as follows:

BridgeBio is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source.

BridgeBio was founded in 2015 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.

For further details see: