BridgeBio gets rights to Novartis' FGFR kinase inhibitor

Novartis AG (NYSE:NVS; SIX:NOVN) granted BridgeBio Pharma LLC (Palo Alto, Calif.) rights to infigratinib (BGJ398), a fibroblast growth factor (FGF) receptor (FGFR) kinase inhibitor. BridgeBio also launched a new subsidiary, QED Therapeutics, with $65 million in seed financing to develop infigratinib and other treatments for FGFR disorders.

Novartis will receive a "substantial" upfront payment and is eligible for undisclosed milestones and royalties...