BridgeBio Pharma Inc. gained US approval for a drug to treat a progressive and deadly form of heart disease, paving the way for the biotech company to go head-to-head with Pfizer Inc. in an increasingly competitive market.

The U.S. Food and Drug Administration has approved BridgeBio's drug for a rare and deadly heart condition, the company said on Friday, making it the first new treatment in a market dominated by Pfizer's blockbuster Vyndaqel.

The drug, known scientifically as acoramidis, will be sold by BridgeBio under the brand name Attruby. The FDA cleared Attruby to treat patients with the heart condition known as transthyretin amyloid cardiomyopathy,