MedCity News May 12, 2022
Bristol Myer Squibb is getting rights to BBP-398, a contender in the chase for drugs that address difficult-to-target KRAS mutations. Meanwhile, BridgeBio Pharma receives some needed cash as it restructures in the wake of the Phase 3 failure of its lead program late last year.
Financial conditions are making it tough to raise capital from the public markets, so BridgeBio is turning to licensing deals as a way of bringing in funds. The company has agreed to out-license to Bristol Myers Squibb rights to a drug in development for tough-to-treat cancers in exchange for $90 million up front.
The deal announced Thursday gives beleaguered BridgeBio some needed cash. The Palo Alto, California-based biotech has been laying off staff and restructuring...
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