BBIO - BridgeBio Calls Off Its Acquisition Offer for Eidos Therapeutics
Eidos Therapeutics (NASDAQ: EIDX) has escaped being swallowed up by its parent company, BridgeBio Pharma (NASDAQ: BBIO). BridgeBio owned 54.5% of Eidos when the latter went public in June 2018; that number grew to 61% by the end of 2018 and has reached 66% today. Thus, the two companies -- run by the same CEO, Neil Kumar -- have a symbiotic relationship.
BridgeBio originally set out to buy the remainder of Eidos in August, offering 1.3 shares of BridgeBio for every share of Eidos. This was later increased to 1.5 shares of BridgeBio per share of Eidos, and most recently, an option for up to $110 million of the total consideration to be paid in cash was added. Eidos's board rejected each offer, until finally BridgeBio walked away.
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