BridgeBio Pharma has successfully raised $200 million to finance a new venture dedicated to oncology, particularly advancing a promising KRAS inhibitor through initial clinical trials. The parent company is concentrating its efforts on significant launch and late-phase activities, prompting the financial infusion for its subsidiary.
Originating in 2017, TheRas—now known as BridgeBio Oncology Therapeutics (BBOT)—forged an agreement with Leidos Biomedical Research, acquiring a KRAS G12C inhibitor alongside two other assets. TheRas functioned as a fully owned BridgeBio entity for several years, sustaining modest funding needs with research and development costs totaling $3.6 million in 2023 related to the Leidos contracts.
With the progression of one asset into clinical evaluation and two more nearing the threshold of human testing, BridgeBio has opted to spin these molecules off into BBOT, attracting external investors to the table. The new funding is anticipated to provide BBOT with sufficient resources to reach key clinical milestones within a span of 18-24 months, according to BridgeBio’s projections.
Last month, BBOT initiated a phase 1 trial assessing its KRAS G12C inhibitor BBO-8520 in patients with non-small cell lung cancer. Although the trial follows behind established KRAS-targeting drugs from Amgen and Bristol Myers Squibb, BBOT and its investors believe that BBO-8520’s unique properties could yield superior effectiveness.
The drug development process is complex, with KRAS proteins alternating between active and inactive states. Current drugs like Amgen’s Lumakras and Bristol Myers Squibb’s Krazati target the inactive state, a strategy also employed by Roche’s contender divarasib. However, BBOT posits that inhibiting KRAS in both states is vital for comprehensive target engagement and circumventing resistance mechanisms. Preclinical studies indicate BBO-8520 may offer benefits over the drugs from Amgen, BMS, and Roche, showing promise when administered post-resistance to Lumakras.
BBOT is not only focusing on BBO-8520 but is also gearing up to introduce two more assets to clinical scrutiny. One, BBO-10203, aims to disrupt the RAS-PI3Ka interaction, potentially curbing tumor growth while mitigating associated high blood sugar issues. Patient enrollment for clinical trials is expected to commence this year.
Additionally, BBOT is developing BBO-11818, a pan-KRAS inhibitor targeting multiple KRAS variants in both active and inactive states, broadening its potential patient reach. Plans to begin human studies for BBO-11818 are on the horizon for the following year.
Dr. Eli Wallace and Dr. Pedro Beltran have been tapped to spearhead these innovative programs as BBOT’s CEO and chief scientific officer, respectively. Both bring a wealth of experience in oncology and RAS biology to the venture. A consortium of investors, led by Cormorant Asset Management and Omega Funds, with participation from affiliates of notable investment firms, has backed this financing round. This strategic move allows BridgeBio to allocate its capital towards the launch of acoramidis and ongoing phase 3 studies.
