BridgeBio (BBIO) Tanks After Selling Beyonttra Royalty Rights

BridgeBio Pharma, Inc. (NASDAQ:BBIO) is one of the 10 Stocks Crash Hard on a Roaring Monday.

BridgeBio Pharma dropped for a second day on Monday, shedding 3.74 percent to finish at $43.18 apiece as investors digested the sale of royalty rights from its heart drug Beyonttra.

In a statement, BridgeBio Pharma, Inc. (NASDAQ:BBIO) said that it secured $300 million in fresh funds from HealthCare Royalty funds—an investment company managed by Blue Owl—for the sale of 60 percent royalty rights from Beyonttra’s first $500 million sales in Europe.

Last year, BridgeBio Pharma, Inc. (NASDAQ:BBIO) entered into an exclusive licensing agreement with Bayer Consumer Care AG to commercialize Beyonttra in Europe, with the former raising $210 million in upfront payment with expectations to receive $75 million in near-term milestone payments.

Beyonttra is an orally administered near-complete stabilizer of transthyretin indicated for the treatment of wild-type or variant transthyretin amyloidosis in adult patients with cardiomyopathy.

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Disclosure: None. This article is originally published at Insider Monkey.