BridgeBio secures $1 billion preferred equity deal led by Sixth Street

BridgeBio Pharma announced on July 1, 2026 that it had closed an agreement with funds managed by Sixth Street and funds managed by HealthCare Royalty, a business of KKR, for the issuance of up to $1 billion in newly issued convertible preferred equity of the company.¹

The deal arrives as the company works to expand beyond its approved drug Attruby, which the company said is growing into a multi-billion-dollar product, while it readies potential launches of BBP-418 for LGMD2I/R9, encaleret for ADH1, and infigratinib for achondroplasia over the next 12 months.¹

According to the 8-K filing, the Series A Cumulative Convertible Participating Preferred Stock carries a 7.00% initial dividend payable in kind or cash at the company's election, an initial conversion price of $137.79 per share rising to $153.10 per share after the fifth anniversary, and permanent equity status with no scheduled maturity or redemption at the holder's option.¹

On funding mechanics, Sixth Street funded $800 million as lead investor while HealthCare Royalty funded $133.9 million at closing.¹ The filing further specifies that the purchasers bought an aggregate of 933,900 shares at $1,000 per share, for a total purchase price of $933,900,000, split between 800,000 shares from the Sixth Street purchaser and 133,900 shares from the HCR purchaser.¹ Sixth Street or its affiliates also retain the right, subject to board approval, to provide up to an additional $66,100,000 on similar terms.¹

The preferred shares are initially convertible into an aggregate of 6,777,705 shares of common stock, subject to customary anti-dilution provisions.¹ The company noted that the HCR purchaser is affiliated with KKR, a holder of more than 5% of BridgeBio's common stock, and with board member Ali Satvat, who is a KKR partner.¹