BridgeBio rises after $550 mln convertible debt offering

BridgeBio Pharma BBIO.O shares up 0.5% at $76.63 early Fri after co secures capital raise

Genetic diseases-focused biopharma early Fri announced pricing private offering of $550 mln 0.75% 7-yr convertible bonds (CBs)

Initial conversion price of $110.58 set 45% above stock's last close of $76.26

BBIO fell 2% on Thurs after co unveiled the offering late Weds to prefund the repayment of its $550 mln principal 2.5% CBs due 2027, and for general corp purposes

Co also plans to use up to $82.5 mln of cash on hand to repurchase stock from the new CB purchasers to facilitate hedging transactions

Palo Alto, California-based co has about $15 bln market cap

With the move on the session, stock up 125% over the past 12 months and hit record intraday high of $79.88 on Tues

All 20 analysts are bullish, including 6 "strong buy" ratings; median PT $86, per LSEG data