Neil Kumar, BridgeBio CEO

A week af­ter dis­clos­ing lay­offs, Bridge­Bio nets a $90M up­front can­cer R&D pact with Bris­tol My­ers

Bridge­Bio has lo­cat­ed the bridge to green­er pas­tures, specif­i­cal­ly the lav­ish pur­ple of Bris­tol My­ers Squibb.

The two are col­lab­o­rat­ing in a deal giv­ing the re­or­ga­nized biotech an up­front pay­ment of $90 mil­lion, a cap­i­tal in­fu­sion that comes a week af­ter the Pa­lo Al­to, CA biotech dis­closed $23 to $25 mil­lion in re­struc­tur­ing-re­lat­ed costs. That move al­so in­clud­ed the out-li­cens­ing of six pro­grams, a round of lay­offs, con­sol­i­da­tion of fa­cil­i­ties and oth­er ac­tiv­i­ties in a ma­jor re-route.

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