Bluebird bio, Inc. has announced a definitive agreement to be acquired by Carlyle and SK Capital Partners. The transaction will see bluebird stockholders receive $3.00 per share in cash, along with a contingent value right of $6.84 per share payable upon achieving a specific net sales milestone.
The board of directors at bluebird determined that this acquisition is in the best interest of stockholders after evaluating various strategic alternatives. The decision follows a comprehensive review process that included discussions with over 70 potential investors and partners.
David Meek, who previously served as CEO of Mirati Therapeutics and Ipsen, is expected to take on the role of CEO at bluebird following the acquisition's completion. Carlyle and SK Capital will provide capital to enhance bluebird’s delivery of gene therapies for conditions such as sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
Andrew Obenshain, current CEO of bluebird, commented on the acquisition: “For more than a decade, bluebird has been at the forefront of gene therapy... After an extensive review process, this acquisition represents the best path forward – maximizing value for stockholders and bringing significant capital.”
David Meek added: “bluebird is built on an extraordinary legacy... With the backing of Carlyle and SK Capital, we will bring the capital and commercial capabilities needed.”
Joe Bress from Carlyle stated: “Carlyle’s healthcare and Abingworth teams have significant experience investing in biopharma... We look forward to working with David and SK Capital.” Aaron Davenport from SK Capital also expressed enthusiasm: “SK Capital has deep experience in the life sciences sector... We are excited to partner with David and Carlyle.”
The transaction is anticipated to close in the first half of 2025 pending regulatory approvals. Upon closing, bluebird will become privately held, delisting its common stock from public markets.
Leerink Partners serves as financial advisor to bluebird while Latham & Watkins LLP acts as legal counsel. Financial advisory for Carlyle and SK Capital is provided by Bourne Partners with legal support from Wachtell, Lipton, Rosen & Katz; Kirkland & Ellis LLP; Orrick; Herrington & Sutcliffe.
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