On November 18, 2021 BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, reported that it has executed a definitive credit facility agreement with a syndicate of lenders for up to $750.0 million in financing (Press release, BridgeBio, NOV 18, 2021, View Source [SID1234595774]).

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This facility, combined with the Company’s existing cash balance as of September 30, 2021, provides access to over $1.2 billion to advance the Company’s pipeline programs, support commercialization efforts, and enable the Company to pursue strategic business development opportunities. As structured, this financing is expected to fully fund BridgeBio’s portfolio of more than 30 drug development and discovery programs into 2024, independent of near-term milestone readouts. It is a significant achievement in BridgeBio’s broader efforts to attract diverse sources of capital to fund life science innovation and is aligned with its long-term strategy of creating non-dilutive financing pathways that leverage portfolio readouts—in addition to cash balance on hand—to extend runway.

This financing announcement follows BridgeBio’s repurchase of approximately $150.0 million in its own common stock under its 2021 Share Repurchase Program, completing about $385.6 million of equity and capped call purchases in the aggregate since its initial public offering in 2019. In addition, today’s financing replaces the Company’s $100.0 million debt facility with Hercules. Collectively, these transactions represent a strategic recapitalization of the Company ahead of upcoming clinical data readouts.

"We are grateful to have the support of debt investors who are committed to helping us build the next great genetic medicine company and deliver meaningful therapies for patients in need. Since our founding, we have believed in the power and importance of innovative financing approaches to advance critical biomedical research and drug development, and we are grateful that our broad diversified pipeline enables us to do this. By bringing on this additional capital, we have the potential to help more people living with genetic diseases and cancers as quickly as possible," said Brian Stephenson, Ph.D., CFA, BridgeBio’s Chief Financial Officer.

"Potential breakthrough medicines should never languish on the shelf because of a lack of funding. By seizing inventive financing tools to fund its growing R&D pipeline, BridgeBio is working to ensure that promising medicines in development can advance into the clinic and toward potential commercial approval. The Company’s groundbreaking approach to science and finance has made it a leader within the biotech industry and we are hopeful there are new methods we can explore to more fully unlock the power of investors to help patients," said Andrew Lo, Ph.D., a BridgeBio co-founder and a member of the Company’s board of directors.

Key features of the credit facility include:

$450.0 million funded on November 17, 2021

An additional $300.0 million to be funded at the Company’s option following either 1) positive topline results from Part A of its Phase 3 ATTRibute-CM trial of TTR stabilizer for transthyretin amyloid cardiomyopathy (ATTR-CM), which is expected by the end of the year, OR 2) positive proof-of-concept data for various pipeline programs by year end 2022, with $100.0 million available upon each proof-of-concept, for up to three pipeline programs

Fixed interest rate of 9%, with 3% eligible at the Company’s discretion to be paid in kind and added to principal

Maturity date of November 17, 2026

Interest-only period for three years, which may be extended to four years upon success of the Part A readout

Substantial flexibility for future business development, M&A, share repurchases, and royalty transactions

No financial covenants

Morgan Stanley & Co. LLC acted as the sole placement agent to BridgeBio on this transaction.

Latham & Watkins LLP acted as counsel to BridgeBio.

On November 18, 2021 Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, reported that company management will participate in a fireside chat and one-on-one investor meetings at the 4th Annual Evercore ISI HealthCONx Conference, which is taking place virtually November 30, 2021 through December 2, 2021 (Press release, Crinetics Pharmaceuticals, NOV 18, 2021, https://crinetics.com/crinetics-presents-at-evercore-isi-healthconx-111821/ [SID1234595773]).

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Details on the fireside chat can be found below.

Date: December 2, 2021
Time: 12:35 PM ET
Webcast Link: View Source
A webcast of the fireside chat will also be accessible on the Events & Presentations page in the Investors section of the Crinetics website. A replay of the fireside chat will be available at the same location following its conclusion and will be archived for 90 days.

On November 18, 2021 Athenex, Inc., (NASDAQ: ATNX), a global biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies for the treatment of cancer and related conditions, reported that Johnson Lau, CEO and Board Chairman, and Daniel Lang, Senior Director, Corporate Development will present at the Evercore ISI 4th Annual HealthCONx Conference on Tuesday, November 30, 2021 at 3:55 pm ET (Press release, Athenex, NOV 18, 2021, https://ir.athenex.com/news-releases/news-release-details/athenex-present-evercore-isi-4th-annual-healthconx-conference [SID1234595772]).

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A live audio webcast of the presentation and replay will be available in the "Events & Presentations" section of the Athenex website at View Source An audio archive of the webcast will also be available on Athenex’s website for the following 90 days.

On November 18, 2021 CymaBay Therapeutics, Inc. (Nasdaq: CBAY), a clinical-stage biopharmaceutical company focused on developing and providing access to innovative therapies for patients with liver and other chronic diseases with high unmet medical need, reported the pricing of its previously announced underwritten public offering of common stock and pre-funded warrants (Press release, CymaBay Therapeutics, NOV 18, 2021, View Source [SID1234595771]). CymaBay is selling 15,625,000 shares of common stock and pre-funded warrants to purchase 3,125,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $4.00 per share, and the pre-funded warrants are being sold at a public offering price of $3.9999 per underlying share. The gross offering proceeds to CymaBay from this offering are expected to be approximately $75 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. All shares of common stock and pre-funded warrants to be sold in the offering will be offered by CymaBay. CymaBay has granted the underwriters a 30-day option to purchase up to an additional 2,812,500 shares of its common stock at the public offering price per share less underwriting discounts and commissions. CymaBay anticipates using the net proceeds from the offering to fund ongoing development of seladelpar and for working capital and general corporate purposes.

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The offering is expected to close on November 22, 2021, subject to the satisfaction of customary closing conditions.

Piper Sandler, Raymond James and Cantor are acting as the joint book-running managers for the offering. LifeSci Capital and JonesTrading are acting as co-managers for the offering.

The securities described above are being offered by CymaBay pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on July 2, 2020, which became effective on July 13, 2020. A preliminary prospectus supplement and accompanying prospectus related to the offering has been filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed, with the SEC and are or will be available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at 800-747-3924, or by email at [email protected]; Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by e-mail at [email protected]; or Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

On November 18, 2021 Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN), a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases, reported that the Company’s management will participate in a fireside chat as part of the Piper Sandler 33rd Annual Virtual Healthcare Conference, being held November 29 – December 2, 2021 (Press release, Supernus, NOV 18, 2021, View Source [SID1234595770]). The Company will also host investor meetings on Wednesday, December 1, 2021.

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The pre-recorded fireside chat can be accessed beginning at 10:00 a.m. ET on November 22, 2021 by visiting Events & Presentations in the Investors section on the Company’s website at www.supernus.com. An archived replay of this fireside chat will be available for 60 days on the Company’s website after the conference.