For my work I try to make a few steps more efficient and was wondering if it would be possible to give parts of text in a cell a conditional format.

For example, I have now in cell B2 the name of a person and want that name in a combined text in bold and in red.
I have now:

="Dear "&B2&",

Other text"

Is it possible to make part of the text bold and/or in red with a formule (using for example the formula TEXT() )?
For example as output:

Dear Peter,

Other text