Sixth Street and KKR to provide BridgeBio with $1bn in financing

Sixth Street Partners and KKR & Co (KKR) have agreed to provide $1 billion in preferred equity financing to BridgeBio Pharma (BBIO), according to people familiar with the matter, in one of the largest biotech deals so far this year.

The financing is expected to be announced today and will help BridgeBio accelerate the launch of new therapies, the people said.

Sixth Street is providing $800 million of the total financing. The transaction is structured at an initial conversion price of around $138 per share.