BridgeBio to buy Eidos Therapeutics in a cash and stock deal valuing Eidos at $2.8 billion

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BridgeBio Pharma Inc. announced Monday an agreement to buy Eidos Therapeutics Inc. in a deal that values Eidos at about $2.83 billion. Eidos’s stock is currently halted for news, and BridgeBio shares are still untraded. Under terms of the deal, Eidos shareholders can elect to receive either 1.85 shares of BridgeBio stock or $73.26 in cash for each Eidos share outstanding, which is a 41.1% premium to Eidos’s Friday closing price of $51.92. With about 38.57 million shares outstanding, the deal price values Eidos at about $2.83 billion. Eidos is currently developing acoramidis, for the treatment of ATTR cardiomyopathy and polyneuropathy. The deal is expected to close in the first quarter of 2021. Eidos’s stock has lost 9.5% year to date through Friday, while BridgeBio shares have gained 13.0% and the S&P 500 has tacked on 3.6%.
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