BridgeBio Pharma is once again spinning out a chunk of its pipeline, this time offloading a handful of early-stage genetic disease programs to a new company called GondolaBio.
The move comes as the California-based biopharma awaits an FDA decision for acoramidis, an investigational heart disease med designed to treat transthyretin amyloid cardiomyopathy. The FDA’s decision is slated for this November. If approved, acoramidis would go up against Pfizer’s tafamidis—sold as Vyndaqel and Vyndamax—and possibly Amvuttra as Alnylam prepares a label expansion request.
Newly formed GondolaBio will conduct R&D, manufacturing and commercialization activities for early-stage clinical or preclinical programs across three indications: a rare inherited metabolic disorder known as erythropoietic protoporphyria, a genetic lung condition called alpha-1 antitrypsin deficiency and a rare genetic disease called tuberous sclerosis complex, according to a Securities and Exchange Commission (SEC) filing.
The new Delaware-based company has received $300 million in tranched financing from an investor group that includes Viking Global Investors, Patient Square Capital, Sequoia Capital, Frazier Life Sciences, Cormorant Asset Management, Aisling Capital and an entity owned by BridgeBio CEO Neil Kumar, Ph.D., according to SEC documents.
James Li, Ph.D., will serve as GondolaBio’s president, according to his LinkedIn bio. The leader was previously the chief business officer for BridgeBio’s research discovery unit—dubbed BridgeBioX—and the company’s head of China affairs.
GondolaBio was launched based on a recommendation from a committee of independent and disinterested BridgeBio directors, according to SEC filings. Currently, BridgeBio holds 45% interest in the freshly formed company, a stake that may reduce as more tranches are funded.
It’s not the first time BridgeBio has formed an offshoot to carry on various programs. Back in May, the company secured $200 million to launch an oncology offshoot with a pipeline led by a KRAS inhibitor for non-small cell lung cancer.