BridgeBio and Chiefs, Director Secure Affirmance of Dismissal

Before the Delaware Supreme Court, Skadden secured the affirmance of a Delaware Court of Chancery opinion that dismissed all claims with prejudice in a putative fiduciary duty class action against BridgeBio Pharma, Inc. and its CEO and co-founder Neal Kumar, chief scientific officer Uma Sinha and director Ali Satvat. The claims arose from BridgeBio’s acquisition of 37% of Eidos Therapeutics’ common stock that it did not already own. The plaintiff claimed that BridgeBio breached its fiduciary duties as controlling stockholder of Eidos, and that the transaction was subject to the exacting entire fairness standard because the transaction did not comply with MFW. The Court of Chancery held that the transaction complied with MFW and was subject to business judgment review, and the Delaware Supreme Court affirmed for the reasons stated in the Court of Chancery’s opinion.