Bridge­Bio drops bid to re­claim Ei­dos af­ter di­rec­tors spurn 3 of­fers

A cou­ple of months ago a new­ly pub­lic Bridge­Bio turned some heads by dis­clos­ing that it had made a bid for sub­sidiary Ei­dos Ther­a­peu­tics in hopes of gob­bling up the 34% stake that it doesn’t al­ready own. Two of­fers lat­er, the par­ties are call­ing it off.

A spe­cial com­mit­tee of in­de­pen­dent di­rec­tors at the small­er biotech led by RA Cap­i­tal’s Ra­jeev Shah and ex-Por­to­la CEO William Lis first re­ject­ed the par­ent com­pa­ny’s ini­tial of­fer — which would swap 1.3 Bridge­Bio shares for each Ei­dos share — on Sep­tem­ber 12. In the lat­est an­nounce­ment, Bridge­Bio re­vealed that it even­tu­al­ly raised the of­fer to 1.5 shares and made $110 mil­lion avail­able for all-cash or mixed con­sid­er­a­tion op­tions, but Ei­dos still wasn’t in­ter­est­ed.

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