BBIO - Why Eidos Therapeutics Stock Is Skyrocketing Today
Shares of Eidos Therapeutics (NASDAQ: EIDX) were skyrocketing 41.1% higher as of 11:50 a.m. EDT on Monday. The huge gain came after BridgeBio Pharma (NASDAQ: BBIO) announced plans to acquire Eidos.
BridgeBio already owns a major stake in Eidos. It's now seeking to buy the remaining 36.3% of Eidos' outstanding shares. The most important thing for Eidos shareholders, of course, is the attractive price tag of the deal. BridgeBio plans to fully acquire Eidos for a 41% premium above the closing price of the biotech stock on Oct. 2, 2020.
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Why Eidos Therapeutics Stock Is Skyrocketing Today