Carlyle and SK Capital Partners acquire bluebird bio

BOSTON: bluebird bio, Inc. (NASDAQ: BLUE) announced today that it has reached a definitive agreement to be acquired by funds managed by global investment firms Carlyle (NASDAQ: CG) and SK Capital Partners, LP, in collaboration with a team of biotech executives.

The transaction will see David Meek, former CEO of Mirati Therapeutics and Ipsen, take over as CEO of bluebird upon closing.

Under the agreement, bluebird stockholders will receive $3.00 per share in cash, and a contingent value right (CVR) entitling them to an additional $6.84 per share if bluebird’s products achieve $600 million in net sales within a trailing 12-month period by December 31, 2027, for a potential total of $9.84 per share in cash.

The board of directors of bluebird unanimously approved the agreement, recommending stockholders tender their shares. The decision followed a comprehensive review of strategic alternatives and considerations of financial challenges.

“For more than a decade, bluebird has been at the forefront of gene therapy, delivering groundbreaking treatments,” said Andrew Obenshain, CEO of bluebird. “Our financial challenges made it clear that securing the right strategic partner was critical to maximizing value for our stockholders and ensuring the long-term future of our therapies.”

David Meek added, “bluebird is built on an extraordinary legacy of scientific breakthroughs, and we are committed to unlocking its full potential for patients. With the backing of Carlyle and SK Capital, we will accelerate and expand patient access to bluebird’s life-changing gene therapies.”

The transaction is expected to close in the first half of 2025, subject to shareholder tender, regulatory approvals, and other closing conditions. Upon completion, bluebird will become a privately held company, and its common stock will no longer be publicly listed.

Leerink Partners is acting as bluebird’s financial advisor, and Latham & Watkins LLP is serving as legal counsel to bluebird. Carlyle and SK Capital are advised by Bourne Partners and legal teams from Wachtell, Lipton, Rosen & Katz, Kirkland & Ellis LLP, and Orrick, Herrington & Sutcliffe.