BridgeBio Pharma, Inc. (BBIO) stock experienced a 5.16% pre-market plunge on Tuesday, as the biopharmaceutical company announced a $500 million private offering of convertible senior notes due in 2029.
The company plans to use a portion of the net proceeds from the offering to repay all outstanding borrowings under its existing loan agreement with lenders and Blue Owl Corporation. Additionally, BridgeBio intends to use up to $50 million of any remaining proceeds to repurchase its common stock from the convertible bond purchasers, with the rest allocated for general corporate purposes.
The announcement of the convertible debt offering, which could potentially dilute existing shareholders, appears to have contributed to the pre-market decline in BridgeBio's stock price. However, the company's recent fourth-quarter revenue beat, driven by strong sales of its rare heart disease drug Attruby (Beyonttra in the EU), may provide some optimism for investors.
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