BridgeBio spins out cancer company to concentrate on heart drug
BridgeBio Pharma is spinning out its oncology subsidiary into a fully independent company, as it concentrates its resources on an anticipated launch of its pivotal heart drug.
The subsidiary, a company called TheRAS that is developing treatments for cancers with mutations in the KRAS gene, will become BridgeBio Oncology Therapeutics. The spinout is backed by $200 million in private financing led by Cormorant Asset Management and Omega Funds, with participation from other firms including Deerfield Management and Google Ventures, BridgeBio said Thursday.
BridgeBio will still have an ownership stake in the new company, but it wouldn’t disclose how large. The spinout is advancing three drug candidates, one that’s being tested in a Phase 1 trial and two others that are preclinical.
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