Neil Kumar bets nearly $1B on what BridgeBio hopes will be their first big drug
BridgeBio CEO Neil Kumar finally won back full control of the drug he let get (partially) away.
On Monday, after three failed attempts, BridgeBio purchased the last bits of stock it didn’t already own in Eidos, buying up 36.3% of one of their first subsidiaries for a combination of cash and stock worth nearly $1 billion.
Kumar said in a statement that, with Phase III data pending, the buyout would help them prepare a global launch for what the 6-year-old company hopes will be their first major product, an Eidos rare disease drug known as AG10 or acoramidis. But he also noted in an interview that the deal reflected where the company now stood: Still private in 2018, they had to take part of Eidos public to fund pivotal studies; but since then BridgeBio had raised over $700 million on public markets.
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