Private equity firm KKR & Co. Inc. announced plans to sell 5 million shares of BridgeBio Pharma Inc. in an underwritten secondary offering, according to a filing with the U.S. Securities and Exchange Commission.
The sale will be conducted through an underwriting agreement, with proceeds going to the selling shareholders. BridgeBio, a clinical-stage biopharmaceutical company focused on genetic disease therapies, did not receive any proceeds from the transaction.
The offering is subject to market conditions and regulatory approvals, with no guarantee of completion. The shares are currently held by KKR-affiliated entities, which acquired them through prior investments in the company.
BridgeBio’s stock was last trading at $12.45 per share on Friday, valuing the offering at approximately $62.25 million based on the current price. The company’s shares have declined roughly 15% over the past month amid broader biotech sector volatility.
KKR, a global investment firm with $500 billion in assets under management, has been reducing its exposure to biotech investments as part of a broader portfolio rebalancing strategy. The firm has not disclosed a specific reason for the divestment beyond portfolio management decisions.
BridgeBio did not respond to requests for comment on the offering or its impact on the company’s operations.
