bluebird bio shares soar after amended buyout offer from Carlyle, SK Capital
Published: 12:03 14 May 2025 EDT
Shares of bluebird bio Inc (NASDAQ:BLUE) surged 50% on Wednesday after the gene therapy developer announced an amended acquisition agreement with private equity firms Carlyle and SK Capital, offering shareholders a higher upfront cash payout.
The revised deal includes a $5 per share cash offer, replacing a previous bid that had offered $3 per share upfront and a contingent value right (CVR) of $6.84 per share, payable if certain sales milestones were met.
“The amended offer price provides an alternative for stockholders who would prefer greater upfront cash consideration instead of the potential upside of the CVR,” Carlyle, SK Capital, and bluebird said in a joint statement.
bluebird’s board of directors unanimously approved the revised agreement and urged shareholders to tender their shares immediately in support of the transaction.
The company, once a high-profile player in gene therapy, has struggled with financial pressures for several years. It raised going-concern doubts in 2021 and last year cut about a quarter of its workforce to conserve cash and focus on the launch of three gene therapies, including Lyfgenia for sickle cell disease, which has experienced slower-than-expected uptake.
In March, bluebird disclosed a competing non-binding proposal from Ayrmid, parent company of cell therapy developer Gamida Cell, which offered $4.50 per share upfront along with the same $6.84 per share CVR. However, the company said last month that Ayrmid never submitted a binding offer.
