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BridgeBio abandons bid to acquire remaining stake in Eidos Therapeutics

BridgeBio Pharma Inc. terminated its bid for the remaining stake in Eidos Therapeutics Inc. as it failed to reach an agreement with a special committee of Eidos' board.

Palo Alto, Calif.-based BridgeBio, which develops therapies for genetic diseases, owns about 66% stake in Eidos. The company's final offer was equivalent to 1.5 BridgeBio shares for each Eidos share.

Initially, BridgeBio offered 1.3 shares for each Eidos share. A special committee of Eidos board unanimously rejected the offer in September.

Under the offer, Eidos' shareholders had the option to choose between receiving their consideration as all-stock, cash and stock mix, or all-cash, such that the transaction is not more than $110 million.

San Francisco-based biotechnology company Eidos develops treatments for a progressive condition associated with the buildup of abnormal deposits of a certain protein called amyloid in the organs and tissues.

Eidos' stock price was down 6.7% to $36.01 as of 1:43 p.m. on Oct. 14.