BridgeBio takes steps to raise cash

BridgeBio Pharma is taking two steps to raise cash. The biotech firm has licensed BBP-398, a SHP2 inhibitor in development to treat various cancers, to Bristol Myers Squibb for $90 million. And it has sold a priority review voucher, which is intended to encourage development of treatments for rare pediatric diseases, for $110 million. The US Food and Drug Administration gave BridgeBio the voucher last year when it approved Nulibry for molybdenum cofactor deficiency. BridgeBio has also been trying to cut costs after disappointing clinical trial results in December for a heart drug.