RTTNews | Oct 5, 2020 10:18AM EDT

10:17 Monday, October 5, 2020 (RTTNews.com) - Shares of Eidos Therapeutics, Inc. (EIDX) are rising more than 34 percent or $18.06 in Monday's morning trade at $69.97, after touching a new 52-week high of $70.15.

BridgeBio Pharma, Inc. (BBIO), a company focused on genetic diseases, said Monday it has agreed to acquire all of the outstanding common stock of Eidos that it does not already own, representing about 36.3 percent of Eidos' outstanding shares.

The deal has a value of up to an aggregate maximum of $175 million of cash. The transaction is expected to close in the first quarter of 2021.

Upon closing, Eidos will become a wholly owned subsidiary of BridgeBio, and its stock will cease trading independently on the Nasdaq Global Select Market.

Eidos Therapeutics has traded in a range of $28.39 to $70.15 in the past 52 weeks.

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