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Finance Watch: GondolaBio, BridgeBio’s Second Spinout Of 2024, Launches With $300m

Big Private, Public Financings Despite Summer Slowdown

 
• By Mandy Jackson

BridgeBio spun out oncology assets in May to focus on rare diseases and now it has sliced off a few rare disease candidates for GondolaBio. Also, Avidity and Kymera closed follow-on offerings that grossed $345.1m and $225m, respectively, and Vandria extended its series A round to $30.7m.

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The pace of new biopharmaceutical financings has slowed as summer enters the last sleepy weeks of August, but the handful of recent significant funding announcements have been quite large, including BridgeBio Pharma, Inc.’s news on 21 August that it has executed another spinout of some of its drug candidates into a new private company called GondolaBio LLC with $300m in initial funding available in multiple tranches.

Mega-Rounds In Depth

For recent coverage of other $100m-plus venture capital mega-rounds, see these Scrip articles:

Borealis Seeks Aurora In RNA-Based Drugs For Renal Disease

BridgeBio announced the spinout in a filing with the US Securities and Exchange Commission (SEC), noting that it finalized the agreement on 16 August to sign over preclinical and early-stage clinical drug candidates for the treatment of erythropoietic protoporphyria, alpha-1 antitrypsin deficiency and tuberous sclerosis complex to GondolaBio

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