Bluebird bio, once a leading gene therapy developer, reached a share price of $2,300 in early 2018. However, after failing to establish a market for its three costly treatments, the company has been sold for $3.00 per share, a total of $29 million, to Carlyle and SK Capital. The deal includes a contingency: if sales of bluebird’s gene therapies reach $600 million within any 12-month period by the end of 2027, an additional $6.84 per share will be paid. This would bring the total acquisition value to $96 million. The $3.00 share price is a discount from the $7.04 closing price the day before the announcement, with bluebird’s market cap at $68 million prior to the sale. The transaction will make bluebird a private entity. David Meek, former CEO of Mirati and Ipsen, will lead bluebird post-acquisition. He emphasized the company’s commitment to unlocking its scientific potential with the support of Carlyle and SK Capital. Bluebird’s challenges included staff cuts and declining revenue, with Q3 2023 revenue dropping to $10.6 million from $16.1 million sequentially. The FDA’s denial of a priority review voucher for its sickle cell disease treatment, Lyfgenia, further necessitated the sale. Despite U.S. approvals for Zynteglo and Skysona in 2022, commercialization struggles persisted, with only 57 patient starts reported in November 2023. — news from FiercePharma
