BridgeBio Pharma Inc (NASDAQ: BBIO) closed Friday’s session lower by 14.33% to hit $36.84. Nonetheless, the stock had some major news a few days earlier.
On the 18th of December, the company announced that its subsidiary, Origin BioSciences, had entered into an agreement with Medison Pharma Ltd for the commercialization of BBP-870 in Israel. Under the agreement, Medison Pharma got the exclusive rights to commercialize BBP-870/0RGN001, also known as Fosdenopterin.
BBP-870 is a cPMP replacement therapy designed to treat people suffering from MoCD Type A. Origin has recently started the roll out submission of an NDA with the FDA for the treatment. Once it gets approval from the FDA, Medison will take charge of seeking approval and handling all regulatory issues for the commercialization of the treatment in Israel.
The agreement also stipulates that, Origin will get an upfront payment, as well as milestone payments that will be pegged upon the completion of certain events, as well as royalties on the net sales of the treatment in Israel.
Commenting on the agreement, Matt Outten, the Chief Commercial Officer at BridgeBio stated that, their partnership with Medison was an important step for Origin’s global strategy in commercialization, as well as the company’s ability to make Fosdenopterin available to children with MoCD Type A. He added that, the company was looking forward to working with Medison in pushing its efforts to help patients, by dealing with the problem at the source.
Medison’s CEO, Meir Jakobsohn stated that, their promise was to ensure every patient has access to the best treatment possible. He further added that, the partnership with Origin Biosciences reflected on the company’s internal values of excelling in the sciences.
Looking at its price action in Friday’s session, BBIO traded between a low of $35.60 and a high of $43.01 before closing the day at $36.84. Volumes in the day stood at 870.3k.
About BridgeBio Pharma Inc
BridgeBio Pharma Inc develops treatments for genetic diseases. It is based in Palo Alto, California.