BridgeBio Pharma (BBIO) – Get Report shares are falling premarket after the company said it would buy the 36.3% of Eidos Therapeutics (EIDX) – Get Report that it doesn’t already own for cash and stock valued at $73.26 a share.
Eidos shares at last check jumped 32% to $68.29. The plan gives holders a 55% premium to the volume-weighted-average price of the stock over the 30 trading days through Oct. 2. The premium is 41% over the San Francisco company’s Friday closing price of Eidos at $51.92.
BridgeBio shares at last check fell 6.6% to $36.99.
Both companies’ boards have approved the transaction.
Holders of two-thirds of Eidos shares not held by BridgeBio must approve