BridgeBio Pharma, a late-stage biotech developing therapies for genetic diseases and cancers, raised the proposed deal size for its upcoming IPO on Wednesday.
The Palo Alto, CA-based company now plans to raise $300 million by offering 20 million shares, up from the 15 million shares in its previous filing. The proposed price range is still $14 to $16. At the midpoint of the range, BridgeBio Pharma will raise 33% more in proceeds than previously anticipated, commanding a market value of $1.8 billion. It is now the year's largest biotech IPO.
BridgeBio Pharma was founded in 2015 and plans to list on the Nasdaq under the symbol BBIO. J.P. Morgan, Goldman Sachs, Jefferies, SVB Leerink, KKR, Piper Jaffray, Mizuho Securities, BMO Capital Markets and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2019.
