Bluebird Bio has reached a deal to sell itself to Carlyle and SK Capital Partners for about $29 million. The acquisition provides much-needed capital to support the commercialization of its gene therapies, which include FDA-approved treatments for beta thalassemia and cerebral adrenoleukodystrophy. The $3 per share purchase represents a 57% discount from Bluebird's recent stock price, and additional payments will depend on achieving specific sales goals. New CEO David Meek will lead the company to navigate these challenges, with the aim of scaling its unique gene therapy offerings in a complex market.
Bluebird Bio, a company that steered three gene therapies to FDA approval but struggled to commercialize them, has found the cash it needs to put those therapies on stronger financial footing by reaching a deal to sell itself to two private equity firms for about $29 million.
Carlyle and SK Capital Partners have agreed to pay $3 in cash for each share of Bluebird, the biotech announced Friday. That price is a 57% discount to the company's closing stock price Thursday.
The deal is heavily backloaded. Bluebird shareholders could receive $66.8 million more, but only if the company's gene therapies achieve a specified sales goal.
When the deal closes, Bluebird will be led by new CEO David Meek, whose industry experience includes the chief executive roles at Mirati Therapeutics and Ipsen.
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