BridgeBio Pharma’s Merger With Eidos Therapeutics

Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to BridgeBio Pharma. Cravath, Swaine & Moore LLP provided legal counsel to the special committee of Eidos’ Board.

BridgeBio Pharma, Inc. (Nasdaq: BBIO), a company focused on genetic diseases, and Eidos Therapeutics, Inc. (Nasdaq: EIDX), a company focused on transthyretin (TTR) amyloidosis (ATTR), have entered into a definitive agreement under which BridgeBio has agreed to acquire all of the outstanding common stock of Eidos it does not already own, representing approximately 36.3% of Eidos’ outstanding shares.

Eidos stockholders will have the right to receive in the transaction, at their election, either 1.85 shares of BridgeBio common stock or $73.26 in cash per Eidos share in the transaction, up to an aggregate maximum of $175 million of cash.

The agreement was unanimously approved by BridgeBio’s Board of Directors and was approved by Eidos’ Board of Directors based upon the unanimous recommendation of a special committee of independent directors of Eidos.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as financial advisors to BridgeBio, and Centerview Partners LLC acted as financial advisor to the special committee of Eidos’ Board.

BridgeBio Pharma is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source. BridgeBio was founded in 2015 to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers.

Eidos Therapeutics is a clinical stage biopharmaceutical company focused on addressing the large and growing unmet need in diseases caused by transthyretin (TTR) amyloidosis (ATTR). Eidos is developing acoramidis, a potentially disease-modifying therapy for the treatment of ATTR.

The Skadden team advising BridgeBio Pharma included M&A partners Stephen Arcano (Picture) and Thomas Greenberg, and associates Anya Richter and Ryan Lowery; Tax partner Steven Matays; and Executive Compensation and Benefits partner Joseph Penko. All attorneys are located in New York.

The Cravath team advising the Special Committee of the Board of Eidos was led by partners Mark I. Greene and Aaron M. Gruber and included associates Andrew M. Wark, Rebecca D. Stacker and Parth S. Baxi on M&A matters; partner Eric W. Hilfers, practice area attorney Sarah W. Colangelo and associates Christopher C. Gonnella and Dixing Tang on executive compensation and benefits matters; partner Lauren Angelilli and associate Arvind Ravichandran on tax matters; partner David J. Kappos and associates Carys Webb and Rohan E. George on intellectual property matters; partner Matthew Morreale on environmental matters; and senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters. Duncan H. Hardell also worked on tax matters.

Involved fees earner: Lauren Angelilli – Cravath Swaine & Moore; Parth Baxi – Cravath Swaine & Moore; Laurel Berkowitz – Cravath Swaine & Moore; Sarah Colangelo – Cravath Swaine & Moore; Rohan George – Cravath Swaine & Moore; Christopher Gonnella – Cravath Swaine & Moore; Mark Greene – Cravath Swaine & Moore; Aaron Gruber – Cravath Swaine & Moore; Duncan Hardell – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Joyce Law – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Arvind Ravichandran – Cravath Swaine & Moore; Rebecca Stacker – Cravath Swaine & Moore; Dixing Tang – Cravath Swaine & Moore; Andrew Wark – Cravath Swaine & Moore; Carys Webb – Cravath Swaine & Moore; Stephen Arcano – Skadden Arps Slate Meager & Flom; Thomas Greenberg – Skadden Arps Slate Meager & Flom; Ryan Lowery – Skadden Arps Slate Meager & Flom; Steven Matays – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Anya Richter – Skadden Arps Slate Meager & Flom;

Law Firms: Cravath Swaine & Moore; Skadden Arps Slate Meager & Flom;

Clients: BridgeBio Pharma LLC; Eidos Therapeutics Inc. – Special Committee of the Board;

Author: Ambrogio Visconti