BRIEF—BridgeBio taps markets for $250 million

California’s BridgeBio Pharma is launching an underwritten public offering, with common stock available at $29 per share.

The company, which is focused on genetic diseases and cancers, expects to raise $250 million.

The financing is timed to coincide with the announcement of a major research agreement with German life sciences company Bayer.

The  collaboration will see Bayer gain an exclusive license to commercialize acoramidis for transthyretin amyloid cardiomyopathy (ATTR-CM) in Europe.

BridgeBio will receive up to $310 million in upfront and near-term milestones, plus payments linked to sales.