BridgeBio Pharma, Inc. cancelled the acquisition of 33.4% stake in Eidos Therapeutics, Inc..
October 13, 2019
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BridgeBio Pharma, Inc. (NasdaqGS:BBIO) made a non-binding proposal to acquire 33.4% stake in Eidos Therapeutics, Inc. (NasdaqGS:EIDX) for approximately $470 million on August 8, 2019. BridgeBio Pharma, Inc. will acquire all of the outstanding shares of common stock of Eidos that are not owned by BridgeBio Pharma LLC and its subsidiaries for a fixed exchange ratio of 1.3 shares of BridgeBio Pharma, Inc. for each share of Eidos. The offer is subject to the approval of Eidos' Board of Directors and the negotiation and execution of mutually acceptable definitive transaction documentation. BridgeBio expects that a special committee of independent directors appointed by the Board and advised by independent legal and financial advisors will consider the proposal and make a recommendation to the Board. BridgeBio also stated in the proposal that it will not proceed with the transaction contemplated unless the transaction is approved by the special committee and that the proposed transaction will be subject to a non-waivable condition requiring approval by the holders of a majority of the aggregate voting power represented by shares of common stock that are not owned by BridgeBio.
On August 12, 2019, Eidos Therapeutics confirmed the receipt of the proposal and announced that its board of directors has formed a special committee consisting of the disinterested and independent directors, Rajeev Shah and William Lis, to consider the proposal. Eidos Therapeutics' stockholders have been advised to take no action at this time. As of September 12, 2019, the Special Committee of Eidos's Board of Directors unanimously rejected the non-binding proposal from BridgeBio. Centerview Partners LLC acted as the financial advisor and Cravath, Swaine & Moore LLP acted as the legal advisor to Eidos Therapeutics, Inc. in the transaction.
BridgeBio Pharma, Inc. (NasdaqGS:BBIO) cancelled the acquisition of 33.4% stake in Eidos Therapeutics, Inc. (NasdaqGS:EIDX) on October 14, 2019. BridgeBio Pharma was unable to come to an agreement with the special committee formed by Eidos Therapeutics to acquire the outstanding common stock of Eidos that BridgeBio does not already own.
BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company. The Company is focused on discovering, creating, testing and delivering transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. The Company's pipeline of development programs ranges from early science to advanced clinical trials that include Acoramidis (AG10), a next-generation small molecule near-complete transthyretin (TTR) stabilizer, for the treatment of amyloidosis TTR (ATTR); low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor (TKI), as a treatment option for children with achondroplasia; Encaleret, a small molecule antagonist of the calcium sensing receptor (CaSR) for the treatment of Autosomal Dominant Hypocalcemia Type 1 (ADH1), and BBP-418, an investigational, orally administered, small molecule substrate supplementation therapy that the Company is developing for the treatment of LGMD2I, also known as LGMDR9.
BRIDGEBIO PHARMA, INC. 
