Blue Owl Capital Invests up to $1.05 Billion in BridgeBio Pharma

Washington, DC – January 17, 2024 – Cooley advised Blue Owl Capital, a top asset manager redefining alternatives, on its strategic investment in BridgeBio Pharma, a commercial-stage biopharmaceutical company focused on genetic diseases and cancers. Lawyers Mischi a Marca, Michael Tollini, Addison Pierce and Matt Kong led the interdisciplinary Cooley team advising Blue Owl, which also included patent counseling & prosecution partner Ivor Elrifi, life sciences partner Geoffrey Spolyar and tax partner Xander Lee.

The strategic financing from Blue Owl and Canada Pension Plan Investment Board – through its wholly owned subsidiary CPPIB Credit Investments – provides BridgeBio with up to $1.25 billion in capital.

The investment from Blue Owl consisted of a term loan financing, with $450 million funded at close and an additional $300 million available subject to mutual consent of Blue Owl and Bridge Bio, plus a $500 million royalty financing (of which Blue Owl has provided $300 million of the total commitment), in exchange for future royalties of worldwide net sales of BridgeBio drug acoramidis.

Cooley previously advised Blue Owl on its $140 million investment in XOMA Corporation in December 2023.

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