On the heels of spinning out a dedicated oncology unit earlier this year, BridgeBio Pharma is now offloading a spate of drug candidates targeting rare genetic diseases, according to a US securities filing this week.With $300 million in financing from a syndicate of investors, the company is forming a new joint venture called GondolaBio to which it has transferred certain early-stage clinical and preclinical programmes focused on erythropoietic protoporphyria, alpha-1 antitrypsin deficiency and tuberous sclerosis complex.Backers include Viking Global Investors, Patient Square Capital, Sequoia Capital, Frazier Life Sciences, Cormorant Asset Management, Aisling Capital and an entity owned by BridgeBio CEO Neil Kumar.Initial 45% stakeBridgeBio will initially hold a stake of about 45% in GondolaBio, but the company said its share may decrease as additional tranches of capital contributions are funded.The move comes as BridgeBio focuses its attention on a series of late-stage assets for cardiorenal and genetic disorders including lead drug acoramidis, which is awaiting an FDA decision by November 29 for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM). Other key drugs in its pipeline include encaleret, a Ca-sensing receptor antagonist under development for disorders of calcium homeostasis such as autosomal dominant hypocalcaemia type 1, and BBP-418, which could become the first oral therapy for limb-girdle muscular dystrophy type 2I/R9.In May, the company spun out BridgeBio Oncology Therapeutics (BBOT), a new unit dedicated to advancing a trio of its early-stage cancer programmes. BBOT secured $200 million in private funding, led by Cormorant Asset Management and co-led by Omega Funds.