BridgeBio Pharma has agreed to sell future royalties on an experimental rare disease drug in exchange for $500 million if the medicine, called acoramidis, receives Food and Drug Administration approval.
The financing was extended by asset manager Blue Owl Capital and the investment board that manages the Canada Pension Plan, which together would receive 5% royalties on any future net sales of acoramidis, up to a certain cap.
Notably the agreement, which BridgeBio announced Thursday, provides for a “change of control” in the company, whereby prior to an FDA approval decision the funding agreement could be terminated.
