Bluebird Bio, a gene therapy-focused biotech, has announced it will go private in an acquisition by global investment firms Carlyle and SK Capital Partners. The deal, valued at $30 million, would see shareholders receive $3 per share in cash and a contingent value right (CVR) equaling $6.84 per share if the company achieves $600 million in net sales.
The move comes as Bluebird was on the brink of financial solvency, having dwindled from a high of $1 billion in 2021 to just $118.7 million in Q3 2024. Executives had expected to eke out cash break even by the second half of 2025 but were met with skepticism from investors.
The acquisition would provide Bluebird with primary capital to expand its commercial reach and capitalize on increasing patient starts for its gene therapy portfolio, including Lyfgenia, Zynteglo, and Skysona. CEO David Meek vowed to “unlock [the company’s] full potential for patients.”
However, the deal has received a lukewarm response from investors, with Bluebird’s stock losing 33% of its value upon announcement. The transaction is expected to close during the first half of 2025 and will transition the company to a privately held entity.
Source: https://www.biospace.com/deals/bluebird-facing-cash-crunch-to-go-private-in-deal-valued-at-30m