Bayer has secured commercial rights to BridgeBio Pharma’s lead asset, acoramidis, in Europe for $310 million, as announced by the companies on Sunday. Acoramidis is an experimental treatment for transthyretin amyloid cardiomyopathy, a hereditary condition characterized by abnormal protein buildup on the heart. Regulatory reviews for approval are underway in the U.S. and Europe, with the FDA expected to announce its decision by Nov. 29, while European approval could potentially occur in 2025.
The agreement with Bayer includes a tiered royalty structure on sales, commencing in the low-30% range. The $310 million payment comprises upfront funding and near-term sales milestone payments, with the possibility of additional undisclosed sales milestone payments for BridgeBio. Ananth Sridhar, BridgeBio’s senior vice president of corporate development for cardio-renal diseases, expressed excitement about partnering with Bayer, emphasizing their shared belief in acoramidis’ potential to improve the lives of transthyretin amyloid cardiomyopathy patients.
BridgeBio stock is currently consolidating with a buy point at 44.32, as reported by MarketSurge.com.
BridgeBio’s acoramidis, if approved, will compete with Pfizer’s Vyndaqel. Vyndaqel saw a 36% increase in sales last year, reaching $3.32 billion. Analysts forecast Vyndaqel to achieve $4.03 billion in sales this year.
Initial sales projections for acoramidis estimate $18.7 million this year, escalating to blockbuster status by 2029 with $1.29 billion in sales.
In July, BridgeBio announced that 81% of acoramidis recipients were still alive after 30 months, compared to 74% of placebo recipients. Additionally, acoramidis was associated with a 50% lower risk of hospitalization for cardiovascular-related issues. Patients treated with acoramidis also demonstrated significant improvement in their six-minute walking distance, a metric of disease severity.
BridgeBio stock currently boasts a robust Relative Strength Rating of 97, placing it among the top 3% of all stocks based on 12-month performance, as per IBD Digital.