BridgeBio’s stock jumps 3.8% premarket after company announces $250 million PIPE financing led by Qatari sovereign fund

BridgeBio Pharma Inc.’s stock
BBIO,
+1.11%
jumped 3.8% in premarket trade Monday, after the company announced a $250 million private investment in public equity, or PIPE, equity offering led by the Qatari sovereign fund. The Palo Alto, Calif.-based biotech, which specializes in treatments for genetic diseases and cancers, said the placement of 9.2 million shares priced at Friday’s closing price of $27.27 a share. Other participants include four of the biggest investment management companies in the U.S. and a number of big institutional investors and existing investors. “The company completed this targeted and strategic raise in order to provide an entry for new long-term shareholders,” BridgeBio said in a statement. “The company also continues to explore additional strategic options to fund the business.” TD Cowen, Mizuho and KKR Capital Markets were joint placement agents on the deal. The stock has gained 258% in the year to date, while the S&P 500
SPX,
-0.23%
has gained 12.5%. See also: BridgeBio’s stock rockets 66% on news of positive results from late-stage trial of ATTR-CM treatment