Eidos Therapeutics Special Committee Rejects Proposal from BridgeBio Pharma to Acquire Shares
Advises Stockholders Take No Action at this Time
After a comprehensive review of the Proposal conducted in consultation with its independent financial and legal advisors, including a review of the business and prospects of each of Eidos and BridgeBio, the Special Committee concluded that the Proposal is inadequate and not in the best interests of Eidos’ minority stockholders.
A copy of the letter sent by the Special Committee to BridgeBio on
Eidos stockholders are advised to take no action at this time.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements regarding the Proposal that may be deemed to be “forward-looking statements” within the meaning of applicable securities laws, and Eidos may make related forward-looking statements on or following the date hereof. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by Eidos and include the possibility that discussions with BridgeBio may not result in a transaction and the possibility that any such proposed transaction with BridgeBio may not be entered into or completed on the terms described in the Proposal or at all, including as a result of changes in the business or prospects of Eidos or BridgeBio. As a result, undue reliance should not be placed on these forward-looking statements. Any forward-looking statements in this news release are made only as of the date of this news release. Eidos does not assume any obligation to publicly update any forward-looking statements except as required by law.
Chief Financial Officer
Dear Mr. Stephenson,
I refer to your non-binding proposal dated
After a comprehensive review of the Proposal conducted in consultation with its independent financial and legal advisors, the Special Committee of the Board of Directors of Eidos (the “Special Committee”) has unanimously concluded that the Proposal is inadequate and not in the best interests of Eidos’ minority stockholders.
The Special Committee believes that the proposed exchange ratio significantly undervalues Eidos based on the intrinsic value of its key assets and its prospects.
The Special Committee is committed to exploring all options for maximizing stockholder value, and we would be open to evaluating any potentially improved proposals.
Please note that the Special Committee is issuing a press release announcing that it has rejected the Proposal.
On behalf of the Special Committee,
Chairman of the Special Committee of the Board of Directors
Special Committee Contacts:
Steve Frankel / Annabelle Rinehart, Joele Frank, Wilkinson Brimmer Katcher, (212) 355-4449