US-based biopharmaceutical firm BridgeBio Pharma has raised $299.2m in a new financing round led by its existing investors KKR and Viking Global Investors.

The round was also joined by Perceptive Advisors, AIG, Aisling Capital, Cormorant Capital, Hercules Capital, Sequoia Capital and an undisclosed blue-chip long-term investor.

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BridgeBio Pharma intends to use the new funds to reinforce existing drug research and development (R&D) programmes, supporting its strategy to develop therapies for patients with genetic diseases.

The company’s portfolio consists of more than 15 pre-clinical stage assets, along with four programmes in or approaching pivotal clinical trials.

These candidates target a variety of therapeutic areas, including genetic dermatology, oncology, cardiology, neurology, endocrinology, renal disease and ophthalmology.

The company leverages a central R&D platform to carry out multiple programmes simultaneously. It claims that the model redistributes personnel and funding amongst the assets based on their needs.

BridgeBio Pharma co-founder and CEO Neil Kumar said: “We are privileged to be working with investors who believe in our goal of creating medicines for patients with genetic disease. We are aware that many of these patients lack effective treatment options, and we take our mission to help them seriously.

“The path from promising early-stage science to a drug that makes a difference for patients requires a long-term vision and steady commitment.”

“The path from promising early-stage science to a drug that makes a difference for patients requires a long-term vision and steady commitment.”

Founded in 2015, BridgeBio Pharma focuses on translation of scientific discoveries from universities, academic medical centres and pharmaceutical research into genetically-targeted medicines.

The company aims to offer drugs that target the fundamental causes of disease for patients with unmet needs.

According to statistics, 25-30 million people in the US are affected by more than 7,000 genetic diseases. However, less than 500 drugs are approved, which limits the options available for many patients.