** Shares of BridgeBio Pharma BBIO.O down 5.8% premarket to $34.15 as co seeks capital raise to refinance debt
** Palo Alto, California-based firm late Mon announced private offering of $500 mln 6-yr convertible bonds
** Co said plans to use portion of net offering proceeds to repay all outstanding borrowings under agreement with lenders and Blue Owl Corporation
** It also intends to use up to $50 mln of any remaining proceeds to buy back its stock from bond purchasers, rest for general purposes
** With ~190 mln shares outstanding, BBIO has ~$6.9 bln market cap, LSEG data shows
** Last week, co posted Q4 rev beat of $5.9 mln, citing strong sales of its rare heart disease drug, acoramidis, sold as Attruby in the U.S. and Beyonttra in the EU
** Through Mon, BBIO shares up 32% to begin 2025
** Avg rating among 16 analysts is "buy"; median PT of $49.50 represents ~37% premium to stock's last close - LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.