Braveheart Bio Enters Heart Disease Market with $65M Hengrui Deal

Braveheart Bio, a startup led by former HI-Bio CEO Travis Murdoch, has made a significant move into the competitive heart disease market. The company has secured ex-China rights to Jiangsu Hengrui Pharmaceuticals' selective myosin inhibitor HRS-1893, paying $65 million upfront in a deal that could potentially exceed $1 billion.

Deal Structure and Strategic Implications

The agreement between Braveheart Bio and Hengrui Pharmaceuticals includes a $32.5 million cash payment and an equivalent amount in stock. An additional $10 million near-term milestone is part of the deal, with over $1 billion in potential future payments. This acquisition positions Braveheart as a direct competitor to established players Bristol Myers Squibb (BMS) and Cytokinetics in the treatment of obstructive hypertrophic cardiomyopathy.

HRS-1893, currently in phase 3 development in China, joins a class of drugs that includes BMS's Camzyos and Cytokinetics' aficamten. These medications aim to improve patients' oxygen capacity by inhibiting myosin, a key protein involved in muscle contraction. While HRS-1893 is advancing in Chinese trials, its development in Western markets is still in early stages, with a phase 1 trial having commenced in Australia this June.

Industry Landscape and Competition

Braveheart's entry into this market comes at a time of intense competition. BMS launched Camzyos in 2022, giving it a significant head start. Meanwhile, Cytokinetics is awaiting an FDA approval decision for aficamten, which could potentially reach the market this year. Both Camzyos and aficamten have demonstrated improvements in patients' oxygen capacity in their respective phase 3 trials.

The pharmaceutical landscape has seen increased interest in Hengrui's assets, with this deal following recent agreements involving major players. In July, GSK entered into a broad partnership with Hengrui, paying $500 million upfront. Earlier this year, Merck & Co. secured rights to a midphase lipoprotein(a) inhibitor from Hengrui for $200 million upfront.

Braveheart Bio's Strategic Positioning

Braveheart Bio, founded last year, has operated largely under the radar until now. CEO Travis Murdoch, who previously led HI-Bio to a $1.15 billion acquisition by Biogen, has secured backing from notable investors including Forbion and OrbiMed. While full details of Braveheart's plans remain undisclosed, this deal with Hengrui clearly indicates the company's focus on cardiovascular therapeutics.

The acquisition of HRS-1893 rights represents a bold move for the young biotech, as it faces the challenge of catching up to more established competitors in a rapidly evolving market. As development progresses, industry observers will be keenly watching how Braveheart navigates the complex landscape of clinical development and regulatory approval in its pursuit of a share in the lucrative heart disease market.